Bitcoin Bullish Signal: Whales With 1k-10k BTC Have Been Accumulating
02 Novembre 2022 - 08:00PM
NEWSBTC
On-chain data shows the number of Bitcoin whales with 1k to 10k BTC
in their wallets have been increasing lately, suggesting that
investors have been accumulating the crypto. Bitcoin UTXO Count
Value Bands Show Signs Of Accumulation In Market As pointed out by
an analyst in a CryptoQuant post, there seems to be accumulation
going in the BTC market in recent days. The relevant indicator here
is the “UTXO Count Value Bands,” which basically tells us what
percentage of Bitcoin wallets fall into which of the different
value bands. Here, the “value bands” refer to the number of coins
held in the wallets. For example, the 100-1k BTC group includes all
addresses that are holding between a hundred and a thousand coins.
The value band of importance in the current discussion is the
1k-10k group. Here is a chart that shows the trend in the UTXO
Count for this value band over the past couple of years: The value
of the metric seems to have been on the rise during recent weeks |
Source: CryptoQuant As you can see in the above graph, the
percentage of Bitcoin wallets with balance in the 1k to 10k BTC
range had been going down between June and September. Over the past
month, however, the trend seems to have changed and the indicator
has now caught some upwards momentum. Related Reading: Bitcoin
Miner Selling Power At Lowest For 2022, Green Sign For Market? This
means that whales have been actively accumulating recently and
filling up their wallets enough to get inside this value band. The
chart also highlights the pattern in the metric during the buildup
to the early 2021 bull and then over the run itself. It looks like
the Bitcoin UTXO Count for this value band started going up in the
months leading up to the bull run, and hit a high peak value around
the beginning of it. Related Reading: Here’s Why The Current
Bitcoin Bear Might Last A While Longer Shortly after that, however,
as the bull started hitting its highs the metric started going
down, suggesting that whales were dumping their coins. If this past
trend is anything to go by, the latest upwards trajectory in the
indicator could prove to be bullish for the value of Bitcoin. BTC
Price At the time of writing, Bitcoin’s price floats around $20.4k,
down 1% in the last week. Over the past month, the crypto has
gained 6% in value. The below chart shows the trend in the price of
the coin over the last five days. The value of the crypto has been
gradually going downhill over the last few days | Source: BTCUSD on
TradingView Featured image from Jaunathan Gagnon on Unsplash.com,
charts from TradingView.com, CryptoQuant.com
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