Bitcoin whales accumulated at $18,000 remain strong

On-chain data suggests that the Bitcoin whale accumulated from the June crash has remained strong so far.

Bitcoin Total Coin Age Distribution Shows Strong Accumulation Around $18,000

As pointed out by analysts in a CryptoQuant post, the $18,000 level has gained support from whales who made spot purchases at the mark.

The relevant metric here is “Sum Coin Age Distribution”. It shows how much money various Bitcoin investor groups currently hold in their wallets.

These groups are based on the idea of ​​”coin age”, a measure of the total number of days a coin has been dormant on the chain.

As an example, if one address has 1 BTC left for 2 weeks, this coin is considered part of the “1 week to 1 month” (1W to 1M) supply.

Well, here is a chart showing the trend of Samcoin age distribution in the Bitcoin market last year.

Looks like the 3M to 6M group has been going up in recent weeks | Source: CryptoQuant

As you can see in the graph above, the supply held by various Bitcoin coin age cohorts has shown interesting patterns over the past few months.

When cryptocurrency prices crashed in June, the 1D to 1W supply surged as whales picked up new coins around $18,000.

As the days went on, these coins began to age into the 1W to 1M range, with the 1D to 1W band plummeting and the 1W to 1M group observing an upward trend.

Likewise, these coins have matured more over time, with the 1M to 3M group rising and the previous group dropping. And finally, in recent months, the 3M-6M cohort has also reached the end of this cascading effect.

The recent increase in this last group suggests that bitcoin whales who bought when the crypto fell to $18,000 have yet to realize a profit on their coin and are holding on to it with conviction. doing.

BTC price

At the time of writing, the price of Bitcoin is floating around $19.2 thousand, up 1% over the last 7 days. Over the past month, the value of cryptocurrencies has risen by 4%.

The chart below shows the coin’s price trend over the last 5 days.

The value of the crypto continues to show stagnant price movement in the last few days | Source: BTCUSD on TradingView

Featured image from Michael Blum on Unsplash.com, charts from TradingView.com, CryptoQuant.com