Bitcoin Drama: Are Long-Term Holders About to Throw in the Towel? 😱💸

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So, here we are, folks! The cryptocurrency market is shaking like a leaf in a windstorm, and guess what? Our beloved Bitcoin holders are starting to play musical chairs with their coins. 🎶💔

Long-term holders, those brave souls who usually cling to their precious BTC like it’s a life raft, are now selling off like it’s a clearance sale at a thrift store. What does this mean for our dear Bitcoin in the near future? Spoiler alert: it’s not looking great! 😬

Old BTC Heads to Exchanges — Are Long-Term Holders Losing Confidence?

Hold onto your hats! The Coin Days Destroyed (CDD) of Bitcoin being deposited onto exchanges has hit a record high in the last 30 days. 🚀

According to CryptoQuant, we’re sitting at a whopping 1.79 million, which is up by over 850% since April began. This surge is like a neon sign flashing “SELL NOW!” for coins that have been gathering dust. 🕰️💰

BTC’s Exchange Inflow CDD is basically a fancy way of saying, “Look at all these old coins moving to exchanges!” It’s calculated by multiplying the amount of BTC moved by the number of days those coins have been hoarded. When it spikes, it’s like the LTHs are saying, “We’re outta here!”

And let’s be real, these guys usually have “strong hands.” They don’t sell unless the market is throwing a tantrum. So, when they start to bail, it’s a sign that their confidence is about as stable as a one-legged chair. 🪑💥

The sell-side momentum is also making waves in the derivatives market. BTC’s taker buy-sell ratio is currently below one, which means sell orders are outnumbering buy orders like it’s Black Friday. 🛒

This suggests that derivatives traders are bracing for a storm, amplifying the current bearish vibes. 🌧️

BTC Rally Faces Resistance as Buying Power Weakens

In a plot twist, the market has tried to stage a comeback, adding $48 billion to the total crypto market cap in the last day. That’s like finding a $20 bill in your old jeans! 💵

But wait! The Chaikin Money Flow (CMF) is dropping faster than my motivation on a Monday morning, currently at -0.15. This is a classic warning sign, forming a bearish divergence. 📉

A bearish divergence happens when the price is rising, but the CMF is like, “Nah, I’m out.” This means buying pressure is weaker than a soggy biscuit. If this trend continues, BTC might just tumble down to $74,389. 😱

But hey, if the coin can pull a rabbit out of its hat and attract new demand, it might just keep its rally going and aim for $80,776. Fingers crossed! 🤞✨

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2025-04-08 14:31