On-Chain Data Shows Bitcoin Whales Hold Fort Despite Recent Dips

Name	Symbol	Market	Market Cap ($)	Algorithm
Bitcoin	BTCUSD	Crypto	1,209,179,104,520	SHA-256d

Name

Symbol

Market

Market Cap ($)

Algorithm

Bitcoin

BTCUSD

Crypto

1,209,179,104,520

SHA-256d

	Price Change	Price Change %	Current Price	Bid Price	Offer
	135.30	0.22%	61,418.29	61,411.23	61,418.27

Price Change

Price Change %

Current Price

Bid Price

Offer

135.30

0.22%

61,418.29

61,411.23

61,418.27

High Price	Low Price	Open Price	Prev. Close	52 Week Range
61,675.17	60,934.48	61,345.84	61,282.99	24,750.00 - 73,835.57

High Price

Low Price

Open Price

Prev. Close

52 Week Range

61,675.17

60,934.48

61,345.84

61,282.99

24,750.00 - 73,835.57

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	02:18:06	0.00000452	61,431.46	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

02:18:06

0.00000452

61,431.46

USD

Price x Volume	Volume	Base Symbol	Related Pairs
38,339,551.35	625.78	BTC	BTCEUR	BTCGBP	ETHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

38,339,551.35

625.78

On-Chain Data Shows Bitcoin Whales Hold Fort Despite Recent Dips

16/09/2021 8:00pm

NEWSBTC

On-chain data shows Bitcoin whales haven’t budged despite the recent dips, and are rather continuing to accumulate more. Whales Continue To Accumulate More Bitcoin As pointed out by a CryptoQuant post, the Bitcoin sum coin age (SCA) indicator has been going up, showing long-term holders are continuing to accumulate. The SCA is a BTC metric that tells us about the distribution of long-term holders. It’s calculated by taking the product of the UTxO (Unspent Transaction Output) alive days and the UTxO value. The “age” of a coin is measured in “coin days.” When a certain amount of BTC remains unspent for a day, it accumulates some fraction of a “coin day.” One whole Bitcoin remaining unspent accumulates one coin day. Similarly, if half a coin remains unspent for a day, it picks up half (0.5) a coin day. With the help of the indicator, it becomes possible to tell what the sentiment among long-term holders is. A dip in the metric’s value would suggest that whales have started moving their coins, while an increase would imply they are continuing their accumulation. Now, here is a chart that highlights the trend of the SCA vs the BTC price: The Bitcoin SCA seems to be climbing straight up | Source: CryptoQuant As you can see in the above chart, the SCA had a minor dip late July, but since then the indicator has been going up in a straight line. Related Reading | Bitcoin Transaction Fees Hit One-Year Lows, How Does This Affect The Price? The dip occurred when the BTC price made a peak, implying some long-term holders decided to sell their coins and take the profits. However, these holders were in the minority as most of the whales still held fort and continued to accumulate, creating the recent straight line trend. Related Reading | New To Bitcoin? Learn To Trade Crypto With The NewsBTC Trading Course Also, as the graph shows, the recent crash in BTC’s price from above $50k to as low as $43k wasn’t enough to make these whales budge from their positions. The trend shows that these investors believe the price will appreciate further, and thus they continue their accumulation. BTC Price At the time of writing, Bitcoin’s price floats around $47.5k, up 1% in the last 7 days. Over the past month, the crypto has accumulated 4% in gains. The below chart shows the trend in the price of the coin over the last five days: BTC's price seems to be moving down right now | Source: BTCUSD on TradingView After continuing some strong upwards movement over the past few days, Bitcoin looks to be heading down now. It’s unclear if this trajectory would hold, but considering that the famous golden cross has appeared, the market may be bullish.

Market Data

News

Trading Tools

Markets

Discover

Hot Features

Follow Feed

Options Flow

Monitor

BTCUSD Bitcoin