Over the past three days, after reaching the 70K level, you'll notice movements in the spent output age bands and how the decline has developed.
On July 29 at 19:00, 29,828 units were moved on-chain within the 3m-6m age bands. At 22:00, 20,893 units within the 1m-3m age bands and 1,022 units within the 2y-5y age bands were moved. We know that the price was around 67,500 when these movements occurred.
On July 30 at 11:00, 14,140 units were moved within the 1w-1m age bands, and at 22:00, 32,254 units were moved within the 3m-6m age bands.
On July 31 at 00:00, 28,703 units were moved within the 3y-5y age bands, at 01:00, 47,551 units within the 1m-3m age bands, at 16:00, 1,461 units within the 3y-5y age bands, and at 20:00, 10,383 units within the 3m-6m age bands.
The movements in these age bands over these three days are significant because some of them are based on older data. I conducted this analysis without considering the 1d-1w data. As these movements occurred, the selling pressure increased, and instead of rising as people expected, we started to decline. Currently, I don't think a recovery is happening.
The selling pressure that has come in since the 70K level is partly coming from these movements. We are very close to a recovery, but it seems like it will take a bit more time. I strongly recommend checking the age bands to monitor potential liquidity and sales.
Written by XBTManager