Bitcoin Whales Who Bought 1 Month Ago Hold Strong Despite Chance To Take Profit
31 October 2022 - 4:00AM
NEWSBTC
On-chain data shows the Bitcoin whales who bought around one month
ago have continued to hold strong despite the price surge providing
them with a chance to take some profit. Bitcoin 1 Month To 3 Month
Old Supply Has Been Rising In Recent Days As pointed out by an
analyst in a CryptoQuant post, the whales who bought at $19k about
a month ago seem to not have realized their profits yet. The
relevant indicator here are the Bitcoin supply age bands, which
tell us how much coins are held by each cohort right now. These
groups or age bands are divided based on the amount of time the
coins belonging to them have been held stationary in a single
wallet address for. For example, the 1D-1W age band includes all
coins that haven’t been moved or sold since between one day and one
week ago. Now, here is a chart that shows the trend in the Bitcoin
supplies for some of the age bands over the past week: The data for
all the different age groups in the market up to the three months
old mark | Source: CryptoQuant As you can see in the above graph,
the 1D-1W Bitcoin supply has been going up in recent days,
suggesting there has been some fresg accumulation in the market.
The less than 1D age band, however, saw some rise earlier as the
price surge started, but it has been going down in the last couple
of days. One significance of this group is that it reflects the
fresh buying going on in the market. As this has stopped trending
up, it means there is no longer many new purchases happening.
Related Reading: Bitcoin Bearish Signal: Exchanges Receiving Large
Deposits The quant from the post notes that a lack of new buying
pressure could imply the current price uptrend is unlikely to
continue in the short term. Nonetheless, there is a positive sign
in the Bitcoin market as well, and it is that the 1M-3M age band
has been observing an increase recently. This maturation of coins
into this group has only just taken place, suggesting whales bought
up this supply about a month ago. Related Reading: Why This Bitcoin
Indicator Points To Bullish Double Bottom At that time, the price
was around $19k, meaning that these whales now have the opportunity
to sell at a profit. But as the 1M-3M supply moving sideways since
the rise shows, these investors continue to hold with conviction
that there will be more profitable windows ahead. BTC Price At the
time of writing, Bitcoin’s price floats around $20.7k, up 8% in the
last week. Looks like BTC has rebounded from the dip a couple of
days back | Source: BTCUSD on TradingView Featured image from
Jaunathan Gagnon on Unsplash.com, charts from TradingView.com,
CryptoQuant.com
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