Bitcoin Whales Accumulating Coins as Prices Remain Rangebound
Bitcoin whales, large holders of the cryptocurrency, are actively accumulating more coins, according to data from CryptoQuant. Here are the key points from their latest report:
– Bitcoin exchange whale ratio: The ratio of the top 10 bitcoin inflows to an exchange compared to the total inflows. Currently at a 5-year low, indicating that whales are not moving their coins to exchanges.
– Exchange inflow coin days destroyed (CDD): Measures how long bitcoin has been held in an address before being moved. Currently at an 8-year low, suggesting that long-term investors are not actively selling their coins.
– Unspent transaction output (UTXO) value bands: Represents the unspent bitcoin amounts in different addresses. The UTXO value band of 1,000 to 10,000 bitcoins has been rising, indicating that whales in this range are accumulating more coins.
CryptoQuant defines wallets holding 1,000 to 10,000 bitcoins as actual whales, as larger wallets typically belong to exchanges or funds.
Hot Take: Bitcoin Whales Bullish on Accumulation
The data from CryptoQuant suggests that bitcoin whales are optimistic about the future of the cryptocurrency. By holding onto their coins and accumulating more at current price levels, they are signaling their belief in the long-term potential of bitcoin. This accumulation trend could potentially lead to increased price stability and upward momentum in the market. Keep an eye on the actions of these whales as they could provide valuable insights into the direction of bitcoin’s price movements.
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