‘Old hands selling out’ metric shows Bitcoin price at risk of HODLers dumping

Old hands are selling their Bitcoin (BTC) holdings, according to glassnode’s Coin Dormancy metric. As shown below, dormant addresses selling BTC marked previous tops in BTC.

Coin Dormancy of Bitcoin. Source: glassnode

On-chain analyst Willy Woo said old hands reliably sold the top until the most recent price cycle. He wrote:

“Dormancy is a measure of ‘old hands selling out.’ It’s interesting to see old hands reliably sold tops until this present cycle. They sold the #bitcoin bottom at…


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