use the count of new addresses to identify distribution
Bitcoin / TetherUS BINANCE:BTCUSDT
This indicator is the number of unique addresses that appeared for the first time in the Bitcoin transactions.
We can use it to identify distribution areas. According to Wyckoff in distribution areas, long-term holders sell their stocks (coins) to newcomer investors. Accordingly, in the distribution area, we should see a peak increase in the number of new addresses. As marked in the chart, by suddenly increasing the new addresses and identifying the peaks in the chart, we can identify potential distribution areas.
