Bitcoin On-Chain Data: Selling From Whales Holding 1k+ BTC Behind Crash
09 Novembre 2022 - 08:00PM
NEWSBTC
On-chain data shows Bitcoin whales with more than 1k BTC were the
main sellers in the latest crash, as other cohorts displayed muted
activity. Bitcoin Spent Output Value Bands Shows Spike From 1k-10k
Group As pointed out by an analyst in a CryptoQuant post, unlike in
the previous declines, the 10-100 BTC and 100-1k BTC cohorts didn’t
show any spikes in activity during the latest crash. The relevant
indicator here is the “Spent Output Value Bands” (SOVB). which
displays the number of coins being moved by each value band in the
Bitcoin market. These “value bands” or groups are divided based on
the amount of coins moved in each transaction on the chain. For
example, the 1k-10k BTC value band includes all transfers that
involved between 1k and 10k BTC. The Spent Output metric for this
value band then specifically measures the total amount of Bitcoin
that was shifted using transactions of size falling in this range.
Now, here is a chart that shows the trend in the Bitcoin SOVB for
10-100 BTC: The value of the metric seems to have been normal
recently | Source: CryptoQuant As you can see in the above graph,
during the previous selloffs, the Bitcoin Spent Output chart for
the 10-100 BTC value band spiked up, suggesting that investors with
at least 10 to 100 BTC were heavily selling their coins. Related
Reading: Ethereum Sinks To $1.2k, But Selling Pressure Only Seems
To Be Rising A similar trend was also seen for the 100-1k BTC value
band, as the below chart displays. Looks like this metric has also
not significantly gone up in recent days | Source: CryptoQuant In
the most recent crash, however, while there was a spike in these
indicators, it was nowhere near as sharp as in the previous
instances. This suggests that these value bands didn’t see much
dumping this time. Related Reading: Institutional Outflows From
Bitcoin Paints Bearish Picture For Crypto Market The 1k-10k BTC
cohort, though, has showed a different behavior. Below is the Spent
Output graph for this value band. The indicator has shot up |
Source: CryptoQuant As is apparent from the chart, the 1k-10k BTC
value band registered a large amount of movement in the crash,
suggesting that transactions worth more than 1k BTC accounted for
the majority of the selling this time around. Such big transfers
belong to the whales, meaning that whales drove this crash. While
whale dumping is negative for the market, the quant notes that the
decline in the other two cohorts could be a sign that selling
pressure is now almost exhausted in the Bitcoin market. BTC Price
At the time of writing, Bitcoin’s price floats around $17.1k, down
15% in the last week. BTC plummets down | Source: BTCUSD on
TradingView Featured image from Georg Wolf on Unsplash.com, charts
from TradingView.com, CryptoQuant.com
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