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.<\/p>\n
As pointed out by an analyst in a CryptoQuant post<\/a>, there seems to be accumulation going in the BTC market in recent days.<\/p>\n The relevant indicator here is the \u201cUTXO Count Value Bands,\u201d which basically tells us what percentage of Bitcoin wallets fall into which of the different value bands.<\/p>\n Here, the \u201cvalue bands\u201d 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.<\/p>\n 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:<\/p>\n\n The value of the metric seems to have been on the rise during recent weeks | Source: CryptoQuant<\/a><\/p>\n 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.<\/p>\n Over the past month, however, the trend seems to have changed and the indicator has now caught some upwards momentum.<\/p>\n This means that whales<\/a> have been actively accumulating recently and filling up their wallets enough to get inside this value band.<\/p>\n The chart also highlights the pattern in the metric during the buildup to the early 2021 bull<\/a> and then over the run itself.<\/p>\n 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.<\/p>\n Shortly after that, however, as the bull started hitting its highs the metric started going down, suggesting that whales were dumping their coins.<\/p>\n 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.<\/p>\n At the time of writing, Bitcoin\u2019s price<\/a> floats around $20.4k, down 1% in the last week. Over the past month, the crypto has gained 6% in value.<\/p>\n The below chart shows the trend in the price of the coin over the last five days.<\/p>\n\n The value of the crypto has been gradually going downhill over the last few days | Source: BTCUSD on TradingView<\/a> <\/p>\n 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.<\/p>\n As pointed out by an analyst in a CryptoQuant post<\/a>, there seems to be accumulation going in the BTC market in recent days.<\/p>\n The relevant indicator here is the \u201cUTXO Count Value Bands,\u201d which basically tells us what percentage of Bitcoin wallets fall into which of the different value bands.<\/p>\n Here, the \u201cvalue bands\u201d 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.<\/p>\n 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:<\/p>\n The value of the metric seems to have been on the rise during recent weeks | Source: CryptoQuant<\/a><\/p>\n 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.<\/p>\n Over the past month, however, the trend seems to have changed and the indicator has now caught some upwards momentum.<\/p>\n This means that whales<\/a> have been actively accumulating recently and filling up their wallets enough to get inside this value band.<\/p>\n The chart also highlights the pattern in the metric during the buildup to the early 2021 bull<\/a> and then over the run itself.<\/p>\n 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.<\/p>\n Shortly after that, however, as the bull started hitting its highs the metric started going down, suggesting that whales were dumping their coins.<\/p>\n 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.<\/p>\nBTC Price<\/h2>\n
\nFeatured image from Jaunathan Gagnon on Unsplash.com, charts from TradingView.com, CryptoQuant.com<\/p>","protected":false},"excerpt":{"rendered":"Bitcoin UTXO Count Value Bands Show Signs Of Accumulation In Market<\/h2>\n
BTC Price<\/h2>\n