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 rec...
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