Newbie Bitcoin Whales Buying 200,000 BTC Per Week, Data Shows

Name	Symbol	Market	Market Cap ($)	Algorithm
TRON	TRXUSD	Crypto	9,808,655,337	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

TRON

TRXUSD

Crypto

9,808,655,337

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	0.000331	0.30%	0.111444	0.111444	0.111455

Price Change

Price Change %

Current Price

Bid Price

Offer

0.000331

0.30%

0.111444

0.111455

High Price	Low Price	Open Price	Prev. Close	52 Week Range
0.111468	0.110955	0.111113	0.111113	- - -

High Price

Low Price

Open Price

Prev. Close

52 Week Range

0.111468

0.110955

0.111113

- - -

Exchange	Last Trade	Size	Trade Price	Currency
KRKN	04:33:35	881.20	0.111444	USD

Exchange

Last Trade

Size

Trade Price

Currency

KRKN

04:33:35

881.20

0.111444

USD

Price x Volume	Volume	Base Symbol	Related Pairs
8,901.54	80,114.78	TRX	TRXEUR	TRXGBP	TRXBTC

Price x Volume

Volume

Base Symbol

Related Pairs

8,901.54

80,114.78

Newbie Bitcoin Whales Buying 200,000 BTC Per Week, Data Shows

14/05/2024 4:00pm

NEWSBTC

On-chain data suggests demand for Bitcoin remains significant as newcomer whales in the sector have been scooping up 200,000 BTC every week. Short-Term Holder Bitcoin Whales Have Continued To Accumulate Recently As explained by CryptoQuant author Axel Adler Jr in a post on X, the demand among the short-term holder whales has decreased since the all-time high, although it still continues to remain strong. Related Reading: Buy Or Sell Bitcoin? Quant Reveals What Leading Metric Says The “short-term holders” (STHs) refer to the Bitcoin investors who have been holding onto their coins since less than 155 days ago. This cohort includes the new investors in the market, as well as the fickle-minded traders who make moves often and don’t tend to HODL. The investors who make it past the 155-day threshold are put inside the “long-term holders” (LTHs), which is a group that’s generally considered to reflect the resolute side of the sector. In the context of the current discussion, the investors of interest aren’t the ordinary STHs, but rather the humongous entities called whales. Formally, these investors are defined as those holding more than 1,000 BTC in their wallets. At the current exchange rate, this lower limit is worth $61.5 million, which is massive indeed. Whales can be influential beings on the network because of these large holdings, so their behavior can be something worth keeping an eye on. The STH whales would naturally correspond to the large holders who only bought within the past five months. Here is a chart that shows the trend in the exchange outflows being made by these new whales in the Bitcoin market over the last few years: As displayed in the above graph, the 7-day simple moving average (SMA) of the Bitcoin STH whale exchange outflows had spiked to pretty high levels earlier in the year, when the rally towards the new all-time high (ATH) price had taken place. Naturally, this spike would suggest demand for buying the cryptocurrency was high from new whale investors entering the space. At the peak, the indicator implied accumulation was occurring at the rate of a whopping 452,000 BTC per week. Related Reading: Bitcoin Will Be Set For New ATHs If It Breaks This Resistance: Analyst A part of this buying would correspond to the demand coming in from the spot exchange-traded funds (ETFs) – new investment vehicles for Bitcoin only approved at the start of this year that provide for an indirect way to invest into the asset in a format that may be preferrable for the more traditional investors. From the chart, it’s visible that the demand from the new whales has seen a clear decline in the period since the ATH, but accumulation nonetheless remains substantial as the STH whales are still potentially buying at a rate of around 200,000 BTC per week. BTC Price Bitcoin has continued to be stagnant recently as its price is trading around $61,600 right now, still very much inside the range. Featured image from Andrew Bain on Unsplash.com, CryptoQuant.com, chart from TradingView.com

Market Data

News

Trading Tools

Markets

Discover

Hot Features

Follow Feed

Options Flow

Monitor

TRXUSD TRON