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.
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: BTCUSD on TradingViewFeatured image from Jaunathan Gagnon on Unsplash.com, charts from TradingView.com, CryptoQuant.com
Tags: bitcoinbitcoin accumulationBitcoin Bullish SignalBitcoin Whale AccumulationBitcoin whalesbtcbtcusd
NewsBTCRead More
MSTR's options market exhibited extreme upside fear or bullish speculative frenzy.Read MoreCoinDesk: Bitcoin, Ethereum, Crypto…
Metplanet to issue one-year bonds to finance BTC purchases.Read MoreCoinDesk: Bitcoin, Ethereum, Crypto News and…
Bitcoin price saw a short-term correction below the $90,000 zone. BTC is now again rising…
Bitcoin has maintained its bullish momentum over the weekend, solidifying its position above the $90,000…
Ethereum has witnessed a huge surge in on-chain activity in the past week, with data…
Cathie Wood, CEO of asset manager and crypto ETF issuer ARK Invest, has long maintained…