Latest Posts

Bitcoin Bullish Signal: 1k-10k BTC Holders Have Been Buying Recently

- Advertisement -


Data on the network shows that bitcoin whales holding between 1 and 10 thousand BTC have recently increased their holdings, which could be a sign that could be bullish for the price of the cryptocurrency.

Bitcoin reserves of holders of 1-10 thousand BTC have seen an increase recently

- Advertisement -

As a CryptoQuant analyst explained mailwhales holding between 1 and 10 thousand BTC have exhibited smart money behavior in the past as they typically buy near the bottom and sell near the high.

- Advertisement -

The relevant metric here is the total number of coins currently held by different groups of holders in the bitcoin market.

- Advertisement -

The criteria for grouping investors here is based on how many coins they hold in their wallets. For example, the cohort from 100 to 1000 BTC includes all holders whose wallet amount is in this range.

Now, below is a chart showing the trends in the holdings of the 100 to 1k BTC and 1k to 10k BTC investor groups over the last year:

Bitcoin Reserve Whales

It seems like the reserve of the 100 to 1k BTC holders has gone down recently | Source: CryptoQuant

As you can see in this chart, the Bitcoin reserve of whales from 1 to 10 thousand BTC shows some interesting changes.

It seems that the reserve of this group of holders usually began to fall as the price of the coin approached some local top.

| Bitcoin NUL Suggests More Flaws Ahead of the Bottom

In addition, this group also timed their purchases around bottom formations. This means that these investors have been acting like smart money for the past year and a half.

More recently, this group of investors’ reserve has increased dramatically over the past few weeks, suggesting they were buying. Judging by the historical trend, such a sign could be bullish for the cryptocurrency price.

However, holders of 100 to 1k BTC showed opposite behavior compared to these smart money investors.

| Can Bitcoin Become “One of the Best Assets on Earth”? This expert bets on it

These holders typically bought when the price was up and sold when it was down. Recently, their reserve has also decreased, which indicates that they were selling, while whales from 1 to 10 thousand BTC were buying.

However, this can also be viewed in another way. The fall in the group’s reserve from 100 to 1000 BTC may be partly due to some holders buying enough to exceed 1000 BTC, making them now part of the 1000 to 10000 BTC cohort.

Bitcoin Price

At the time of writing, the price of Bitcoin is hovering around $31.3k, up 2% from last week.

bitcoin price chart

Looks like the price of the crypto has shot up over the past 24 hours | Source: BTCUSD on TradingView
Featured image from Unsplash.com, charts from TradingView.com, CryptoQuant.com



Credit : www.newsbtc.com

- Advertisement -

Latest Posts

Don't Miss