Data: Bitcoin Whales Who Accumulated At $18k Have Continued To Hold Strong
October 22 2022 - 2:00PM
NEWSBTC
On-chain data suggests Bitcoin whales who accumulated during the
June crash have continued to hold strong so far. Bitcoin Sum Coin
Age Distribution Shows Strong Accumulation Around $18k As pointed
out by an analyst in a CryptoQuant post, the $18k level has been
getting support from the whales as they have made spot purchases at
this mark. The relevant indicator here is the “Sum Coin Age
Distribution,” which tells us about the amounts the different
Bitcoin investor groups are holding in their wallets right now.
These groups are based on the idea of “coin age,” a measure of the
total number of days a coin has been sitting dormant on the chain
for. Related Reading: This On-Chain Metric Suggests Bitcoin Not In
Danger Of Another Sharp Drawdown As an example, if 1 BTC remains
still in a single address for two weeks, then this coin is taken as
a part of the “1 week to 1 month” (1W to 1M) supply. Now, here is a
chart that shows the trend in the Sum Coin Age Distribution in the
Bitcoin market over the last year: Looks like the 3M to 6M group
has been going up in recent weeks | Source: CryptoQuant As you can
see in the above graph, the amount of supply held by the different
Bitcoin coin age cohorts has shown an interesting pattern during
the last few months. When the crypto’s price crashed back in June,
the 1D to 1W supply spiked up as whales picked up some fresh coins
around the $18k level. As the days passed, these coins started
aging into the 1W to 1M range, causing the 1D to 1W band to plunge
down, while the 1W to 1M group observed an uptrend. Related
Reading: 3 Altcoins That defy Bitcoin Dominance And Continue To
Rally – CSPR, TWT, CRV Similarly, these coins matured further with
time, leading to the 1M to 3M group rising up and the previous one
falling off. And finally, in the last couple of months, the 3M-6M
cohort has also found itself at the end of this cascading effect.
The recent increase in this last group suggests that the Bitcoin
whales who bought during the crypto’s decline to $18k have still
not realized profits on their coins, and have continued to hold
onto them with conviction. BTC Price At the time of writing,
Bitcoin’s price floats around $19.2k, up 1% in the last seven days.
Over the past month, the crypto has gained 4% in value. The below
chart shows the trend in the price of the coin over the last five
days. The value of the crypto continues to show stagnant price
movement in the last few days | Source: BTCUSD on TradingView
Featured image from Michael Blum on Unsplash.com, charts from
TradingView.com, CryptoQuant.com
Quant (COIN:QNTUSD)
Historical Stock Chart
From Apr 2024 to May 2024
Quant (COIN:QNTUSD)
Historical Stock Chart
From May 2023 to May 2024