Bitcoin Whales Continue To Sell Despite The Recent Deep Lows
As pointed out by an analyst in a CryptoQuant , the number of investors with balances in the 1k to 10k BTC range have continued to decline recently. The relevant indicator here is the “UTXO Count – Value Bands,” which tells us about the number of UTXOs (or wallets) that are currently in each Bitcoin value band.The value band of interest in the current context is the “1k-10k BTC” group. Here is a chart that shows how the UTXO Count of this value band has changed over the last several months:
Looks like the value of the metric has taken a hit in recent days | Source:As you can see in the above graph, the Bitcoin UTXO Count for the 1k-10k BTC value band has observed some steep decline over the past month.
Wallets with such large balances usually belong to the whales. This means that the holdings of these humongous holders have gone down in this period.
This entire latest decline has come following the crash caused by crypto exchange’s FTX collapse, which means whales have sold their coins while the prices have been hitting lows.BTC Price
At the time of writing, Bitcoin’s price floats around $17.2k, up 1% in the last week. Over the past month, the crypto has lost 7% in value.
Bitcoin has been stuck moving sideways around the $17k level recently, but at the moment it’s unclear when some real volatility may return to the crypto.Featured image from Thomas Lipke on Unsplash.com, charts from TradingView.com, CryptoQuant.com