Bitcoin has today broken past $21k in a sharp surge as on-chain data suggests signs of accumulation from the investors.<\/p>\n
As pointed out by an analyst in a CryptoQuant post<\/a>, the value bands who took profit around ten days ago are now accumulating again.<\/p>\n The relevant indicator here is the \u201cUTXO value bands<\/a>,\u201d which tells us what percentage of the total Bitcoin supply is held by which groups.<\/p>\n The value bands or groups here are divided based on the number of coins in each Unspent Transaction Output (UTXO), or simply, the amount currently held in each wallet.<\/p>\n For example, the 1k-10k BTC value band includes all wallets that are currently holding between 1k and 10k BTC.<\/p>\n When any value band shows an uptrend, it means the number of wallets in that specific range are going up.<\/p>\n In context of the current discussion, the relevant value bands are the 0.1-1 BTC, 1-10 BTC, and 10-100 BTC cohorts.<\/p>\n Here is a chart that shows the trend in the UTXO value band percentages for each of these groups:<\/p>\n\n Looks like all these metrics have been going up in the last couple of days | Source: CryptoQuant<\/a><\/p>\n As you can see in the above graph, when the price of Bitcoin first started to rally up<\/a>, all three of these value bands started dropping down.<\/p>\n This means that investors with wallet amounts in these ranges started to dump as a profit-taking opportunity arose.<\/p>\n By the time the price peaked, these metrics hit a low, and then followed up with trending sideways (along with the price).<\/p>\n In the last couple of days, however, the percentage of the Bitcoin supply in these UTXO value bands has once again started to move up.<\/p>\n This means that there has been some market-wide accumulation going on above the $20k level, showing that investors have conviction the price will increase further.<\/p>\n And indeed, following this buying spree, the crypto has sharply shot up in the past day, breaking above the $21k level again.<\/p>\n At the time of writing, Bitcoin\u2019s price<\/a> floats around $21.1k, up 3% in the last week. Over the past month, the crypto has gained 8% in value.<\/p>\n Below is a chart that shows the trend in the price of the coin over the last five days.<\/p>\n\n The value of the crypto seems to have seen some very sharp uptrend in the last twenty-four hours | Source: BTCUSD on TradingView<\/a> <\/p>\n Bitcoin has today broken past $21k in a sharp surge as on-chain data suggests signs of accumulation from the investors.<\/p>\n As pointed out by an analyst in a CryptoQuant post<\/a>, the value bands who took profit around ten days ago are now accumulating again.<\/p>\n The relevant indicator here is the \u201cUTXO value bands<\/a>,\u201d which tells us what percentage of the total Bitcoin supply is held by which groups.<\/p>\n The value bands or groups here are divided based on the number of coins in each Unspent Transaction Output (UTXO), or simply, the amount currently held in each wallet.<\/p>\n For example, the 1k-10k BTC value band includes all wallets that are currently holding between 1k and 10k BTC.<\/p>\n When any value band shows an uptrend, it means the number of wallets in that specific range are going up.<\/p>\n In context of the current discussion, the relevant value bands are the 0.1-1 BTC, 1-10 BTC, and 10-100 BTC cohorts.<\/p>\n Here is a chart that shows the trend in the UTXO value band percentages for each of these groups:<\/p>\n Looks like all these metrics have been going up in the last couple of days | Source: CryptoQuant<\/a><\/p>\n As you can see in the above graph, when the price of Bitcoin first started to rally up<\/a>, all three of these value bands started dropping down.<\/p>\n This means that investors with wallet amounts in these ranges started to dump as a profit-taking opportunity arose.<\/p>\n By the time the price peaked, these metrics hit a low, and then followed up with trending sideways (along with the price).<\/p>\n In the last couple of days, however, the percentage of the Bitcoin supply in these UTXO value bands has once again started to move up.<\/p>\n This means that there has been some market-wide accumulation going on above the $20k level, showing that investors have conviction the price will increase further.<\/p>\n And indeed, following this buying spree, the crypto has sharply shot up in the past day, breaking above the $21k level again.<\/p>\nBTC Price<\/h2>\n
\nFeatured image from Sandra Seitamaa on Unsplash.com, charts from TradingView.com, CryptoQuant.com<\/p>","protected":false},"excerpt":{"rendered":"Bitcoin UTXO Value Bands Show Multiple Groups Have Been Buying Recently<\/h2>\n
BTC Price<\/h2>\n