Bitcoin whales who bought 1 month ago are staying strong despite the chance to take profits
On-chain data shows that the Bitcoin whales who bought around a month ago have continued to hold strong despite the price rise giving them a chance to take some profits.
Bitcoin 1 month to 3 month old access has increased in recent days
As pointed out by an analyst in a CryptoQuant post, it seems the whales who bought for $19k about a month ago haven’t realized their profits yet.
The relevant indicator here is the Bitcoin supply age bands, which tell us how many coins are held by each cohort right now.
These groups or ages are divided based on how long the coins belonging to them have been held stationary in a single wallet address.
For example, the 1D-1W age band includes all coins that have not been moved or sold since between one day and one week ago.
Now, here’s a chart showing the trend in Bitcoin supplies for some of the age groups 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 graph above, the 1D-1W Bitcoin supply has gone up in recent days, suggesting that there has been some new accumulation in the market.
However, the age band less than 1D saw some increase earlier when the price hike started, but it has decreased in the last couple of days.
One significance of this group is that it reflects the recent purchases taking place in the market. Since this has stopped increasing, it means that there are no longer many new purchases.
The quant from the post notes that a lack of new buying pressure could mean that the current price uptrend is unlikely to continue in the short term.
Nevertheless, there is a positive sign in the Bitcoin market as well, and that is that the 1M-3M age group has seen an increase recently.
This maturation of coins for this group has just taken place, suggesting that whales bought up this supply about a month ago.
At the time, the price was around $19k, meaning these whales now have the opportunity to sell at a profit. But as 1M-3M supply moves sideways since the recovery shows, these investors continue to be convinced that there will be more profitable windows ahead.
BTC price
At the time of writing, Bitcoin’s price is hovering 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
