On-chain data shows Bitcoin whales with more than 1k BTC were the main sellers in the latest crash, as other cohorts displayed muted activity.
Bitcoin Spent Output Value Bands Shows Spike From 1k-10k Group
As pointed out by an analyst in a CryptoQuant post, unlike in the previous declines, the 10-100 BTC and 100-1k BTC cohorts didn’t show any spikes in activity during the latest crash.
The relevant indicator here is the “Spent Output Value Bands” (SOVB). which displays the number of coins being moved by each value band in the Bitcoin market.
These “value bands” or groups are divided based on the amount of coins moved in each transaction on the chain. For example, the 1k-10k BTC value band includes all transfers that involved between 1k and 10k BTC.
The Spent Output metric for this value band then specifically measures the total amount of Bitcoin that was shifted using transactions of size falling in this range.
Now, here is a chart that shows the trend in the Bitcoin SOVB for 10-100 BTC:
The value of the metric seems to have been normal recently Source: CryptoQuant
As you can see in the above graph, during the previous selloffs, the Bitcoin Spent Output chart for the 10-100 BTC value band spiked up, suggesting that investors with at least 10 to 100 BTC were heavily selling their coins.
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A similar trend was also seen for the 100-1k BTC value band, as the below chart displays.
Looks like this metric has also not significantly gone up in recent days
