Bitcoin Sum Coin Age Distribution Shows Strong Accumulation Around $18k
As pointed out by an analyst in a CryptoQuant , 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.
Looks like the 3M to 6M group has been going up in recent weeks | Source: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.
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.The value of the crypto continues to show stagnant price movement in the last few days | Source:
Featured image from Michael Blum on Unsplash.com, charts from TradingView.com, CryptoQuant.com