{"id":479385,"date":"2022-07-29T18:25:18","date_gmt":"2022-07-29T15:25:18","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bitcoin-bear-market-over-metric-hints-as-btc-exchange-balances-hit-4-year-low\/"},"modified":"2022-07-29T18:25:18","modified_gmt":"2022-07-29T15:25:18","slug":"bitcoin-bear-market-over-metric-hints-as-btc-exchange-balances-hit-4-year-low","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bitcoin-bear-market-over-metric-hints-as-btc-exchange-balances-hit-4-year-low\/","title":{"rendered":"# Bitcoin bear market over, metric hints as BTC exchange balances hit 4-year low"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a40ee531e82b\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a40ee531e82b\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-bear-market-over-metric-hints-as-btc-exchange-balances-hit-4-year-low\/#%E2%80%9D_Bitcoin_bear_market_over_metric_hints_as_BTC_exchange_balances_hit_4-year_low_%E2%80%9C\" >&#8221; Bitcoin bear market over, metric hints as BTC exchange balances hit 4-year low &#8220;<\/a><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-bear-market-over-metric-hints-as-btc-exchange-balances-hit-4-year-low\/#Hodled_BTC_hints_that_the_bear_market_is_over\" >Hodled BTC hints that the bear market is over<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-bear-market-over-metric-hints-as-btc-exchange-balances-hit-4-year-low\/#Exchange_balances_lowest_since_2018\" >Exchange balances lowest since 2018<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Bitcoin_bear_market_over_metric_hints_as_BTC_exchange_balances_hit_4-year_low_%E2%80%9C\"><\/span>&#8221; Bitcoin bear market over, metric hints as BTC exchange balances hit 4-year low &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div class=\"post-content\" data-v-28d77a7a>Bitcoin (BTC) may already be beginning its new macro uptrend if historical &#8220;hodl&#8221; habits repeat.<\/p>\n<p>That was the conclusion from research into the latest data <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/JohalMiles\/status\/1552774108810706944\/photo\/1\">covering<\/a> the amount of the BTC supply dormant for one year or more as of July 2022.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Hodled_BTC_hints_that_the_bear_market_is_over\"><\/span>Hodled BTC hints that the bear market is over<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>According to independent analyst Miles Johal, who uploaded the findings to <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">social media<\/a> on July 29, a \u201crounded top\u201d formation in &#8220;hodled&#8221; BTC is in the process of completing. <\/p>\n<p>Once it does, the price should react \u2014 just like on multiple occasions before.<\/p>\n<p>The clue lies in Bitcoin\u2019s HODL Waves metric, which breaks down the supply according to when each Bitcoin last moved. One year ago or more \u2014 the one-year HODL Wave \u2014 currently reflects the majority of the supply.<\/p>\n<p>Johal\u2019s accompanying chart shows that the greater the proportion of the overall supply stationary for at least a year, the closer BTC\/USD is to a macro bottom.<\/p>\n<p>More importantly, however, a slowing of the one-year HODL Wave \u2014 indicating accumulation is calming down \u2014 followed by the start of a reversal has always come at the start of a new long-term BTC price uptrend.<\/p>\n<p>This \u201crounded top\u201d chart phenomenon is thus being keenly eyed as a potential source of hope with Bitcoin already making up lost ground.<\/p>\n<p>In comments, Johal argued that few had been paying attention to HODL Waves.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-07\/5fef786f-cc4a-4150-b119-ac84fde5c2b3.png\"><figcaption style=\"text-align: center;\"><em>Bitcoin 1-year+ HODL Wave annotated chart. Source: Miles Johal\/ Twitter<\/em><\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"Exchange_balances_lowest_since_2018\"><\/span>Exchange balances lowest since 2018<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Separate data from on-chain analytics firm Glassnode, meanwhile,\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/studio.glassnode.com\/metrics?a=BTC&amp;m=distribution.BalanceExchanges\">highlighted<\/a> the ongoing trend of Bitcoin leaving exchanges.<\/p>\n<p><strong><em>Related:\u00a0Bitcoin bull run \u2018getting interesting\u2019 as BTC price hits 6-week high<\/em><\/strong><\/p>\n<p>BTC in exchange wallets now accounts for just 12.6% of the overall supply, down 4.6% of the overall supply since the March 2020 crash, staff noted.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\"><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> balance on exchanges continues its macro decline, reaching 12.6% of the Circulating Supply (2.4M <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$BTC<\/a>).<\/p>\n<p>Exchange balances have now seen a macro outflow of over 4.6% of the circulating supply since the March 2020 ATH.<\/p>\n<p>Live Chart: <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/zJnfaG05zt\">https:\/\/t.co\/zJnfaG05zt<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/vhKCudqGUr\">pic.twitter.com\/vhKCudqGUr<\/a><\/p>\n<p>\u2014 glassnode (@glassnode) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/glassnode\/status\/1553017879011942403?ref_src=twsrc%5Etfw\">July 29, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>In BTC terms, the figure is 2.4 million BTC now compared to 3.15 million BTC in March 2020. The number is the lowest since July 2018.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-07\/08de3a25-3171-46c2-8485-7d3d16926799.png\"><figcaption style=\"text-align: center;\"><em>BTC balance on exchanges chart. Source: Glassnode<\/em><\/figcaption><\/figure>\n<p>Earlier this month, Cointelegraph reported on the accelerating trend of removing coins from exchanges.<\/p>\n<p class=\"post-content__disclaimer\">The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.\n<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/p>\n<\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/bitcoin-bear-market-over-metric-hints-as-btc-exchange-balances-hit-4-year-low\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Bitcoin bear market over, metric hints as BTC exchange balances hit 4-year low &#8220; Bitcoin (BTC) may already be beginning its new macro uptrend if historical &#8220;hodl&#8221; habits repeat. That was the conclusion from research into the latest data covering the amount of the BTC supply dormant for one year or more as of&#8230;<\/p>\n","protected":false},"author":1,"featured_media":479386,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDcvYjVmMjg5YjUtYzkzNC00ZTIxLWFkMzMtMmE4MmM2M2YwMDRlLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74937,76643,73785],"class_list":["post-479385","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-price","tag-hodl","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/479385","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=479385"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/479385\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/479386"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=479385"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=479385"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=479385"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}