Bitcoin’s price dropped to $86,000 on Feb. 27 after struggling to maintain support at $88,000 for the past two days. The sudden price drop caused a swift and aggressive reaction across the market, with everyone from institutions to derivatives traders suffering losses.
Despite the significantly larger size of the derivatives market, the spot market seems to have been the initial spark that ignited the sell-off. To find out who has been offloading their holdings, we must look to spent output age bands. Spent output age bands track the USD value of spent Bitcoin, categorized by the duration coins were held, ranging from less than one day to over ten years.
On Feb. 26, Bitcoin closed at $84,365.97, with an intraday low of $82,141.65, a significant retreat from its recent peak of $98,340.89 on Feb. 20. Tracking the price variety throughout the trading day is important for analyzing market behavior, as it shows how price volatility affects selling activity and liquidity.
The price decli
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