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.
Bitcoin UTXO Count Value Bands Show Signs Of Accumulation In Market
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 TradingView
Featured image from Jaunathan Gagnon on Unsplash.com, charts from TradingView.com, CryptoQuant.com