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Breaking News: Bitcoin Price To Recover $100,000: BTIG Cites Key Reasons For Optimism
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Breaking News: Bitcoin Price To Recover $100,000: BTIG Cites Key Reasons For Optimism

Data: Bitcoin Whales Who Accumulated At $18k Have Continued To Hold Strong

Keshav Verma
Keshav Verma
Last Updated: June 11, 2024 8:00 am
3 mins read

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On-chain data suggests Bitcoin whales who accumulated during the June crash have continued to hold strong so far.

Bitcoin Sum Coin Age Distribution Shows Strong Accumulation Around $18k

As pointed out by an analyst in a CryptoQuant post, the $18k level has been getting support from the whales as they have made spot purchases at this mark.

The relevant indicator here is the “Sum Coin Age Distribution,” which tells us about the amounts the different Bitcoin investor groups are holding in their wallets right now.

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

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As an example, if 1 BTC remains still in a single address for two weeks, then this coin is taken as a part of the “1 week to 1 month” (1W to 1M) supply.

Now, here is a chart that shows the trend in the Sum Coin Age Distribution in the Bitcoin market over the last year:

Bitcoin Sum Coin Age Distribution

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

As you can see in the above graph, the amount of supply held by the different Bitcoin coin age cohorts has shown an interesting pattern during the last few months.

When the crypto’s price crashed back in June, the 1D to 1W supply spiked up as whales picked up some fresh coins around the $18k level.

As the days passed, these coins started aging into the 1W to 1M range, causing the 1D to 1W band to plunge down, while the 1W to 1M group observed an uptrend.

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Similarly, these coins matured further with time, leading to the 1M to 3M group rising up and the previous one falling off. And finally, in the last couple of months, the 3M-6M cohort has also found itself at the end of this cascading effect.

The recent increase in this last group suggests that the Bitcoin whales who bought during the crypto’s decline to $18k have still not realized profits on their coins, and have continued to hold onto them with conviction.

BTC Price

At the time of writing, Bitcoin’s price floats around $19.2k, up 1% in the last seven days. Over the past month, the crypto has gained 4% in value.

The below chart shows the trend in the price of the coin over the last five days.

Bitcoin Price Chart

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
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Keshav Verma
Keshav Verma

Keshav Verma

Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.

Read more

Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to.

In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions.

Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true.

Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment..

Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form.

Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new.

As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money.

Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs.

Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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