Bitcoin Bullish Signal: Whales With 1k-10k BTC Have Been Accumulating

Name	Symbol	Market	Market Cap ($)	Algorithm
Amp	AMPUSD	Crypto	415,908,022	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

Amp

AMPUSD

Crypto

415,908,022

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-0.000028	-0.38%	0.00741	0.00741	0.00742

Price Change

Price Change %

Current Price

Bid Price

Offer

-0.000028

-0.38%

0.00741

0.00742

High Price	Low Price	Open Price	Prev. Close	52 Week Range
0.00748	0.00736	0.00745	0.007438	0.001400 - 0.016850

High Price

Low Price

Open Price

Prev. Close

52 Week Range

0.00748

0.00736

0.00745

0.007438

0.001400 - 0.016850

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	02:12:32	14,405.00	0.00742	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

02:12:32

14,405.00

0.00742

USD

Price x Volume	Volume	Base Symbol	Related Pairs
90,121.44	12,166,437.03	AMP	AMPEUR	AMPGBP	AMPBTC

Price x Volume

Volume

Base Symbol

Related Pairs

90,121.44

12,166,437.03

Bitcoin Bullish Signal: Whales With 1k-10k BTC Have Been Accumulating

02/11/2022 7:00pm

NEWSBTC

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: CryptoQuant As you can see in the above graph, the percentage of Bitcoin wallets with balance in the 1k to 10k BTC range had been going down between June and September. Over the past month, however, the trend seems to have changed and the indicator has now caught some upwards momentum. Related Reading: Bitcoin Miner Selling Power At Lowest For 2022, Green Sign For Market? This means that whales have been actively accumulating recently and filling up their wallets enough to get inside this value band. The chart also highlights the pattern in the metric during the buildup to the early 2021 bull and then over the run itself. It looks like the Bitcoin UTXO Count for this value band started going up in the months leading up to the bull run, and hit a high peak value around the beginning of it. Related Reading: Here’s Why The Current Bitcoin Bear Might Last A While Longer Shortly after that, however, as the bull started hitting its highs the metric started going down, suggesting that whales were dumping their coins. If this past trend is anything to go by, the latest upwards trajectory in the indicator could prove to be bullish for the value of Bitcoin. BTC Price At the time of writing, Bitcoin’s price floats around $20.4k, down 1% in the last week. Over the past month, the crypto has gained 6% in value. The below chart shows the trend in the price of the coin over the last five days. The value of the crypto has been gradually going downhill over the last few days | Source: BTCUSD on TradingView Featured image from Jaunathan Gagnon on Unsplash.com, charts from TradingView.com, CryptoQuant.com

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