CryptoQuant: Bitcoin whales in accumulation mode

Major holders of digital gold continue to accumulate coins as the market trades in a sideways range. The Block reports this, citing a CryptoQuant report.

Analysts based their conclusions on three indicators:

• Exchange Whale Ratio;
• Exchange Inflow Coin Days Destroyed (CDD);
• UTXO value ranges UTXO.

The first metric is the ratio of the 10 largest Bitcoin inflows to exchanges to their total volume — in other words, the degree of whale participation in aggregate deposits.

The smoothed 30-day SMA reading of the Exchange Whale Ratio has fallen to five-year lows. Whale inflows are modest, as large players prefer to hodl.

The second metric — CDD — shows how long Bitcoin had resided on a wallet before its last movement. It gives greater weight to coins that have not moved for a long time.

The smoothed 30-day SMA reading reached an eight-year low. This implies that whales are not rushing to move their coins to exchanges for sale.

The third indicator — UTXO value ranges — illustrates unspent amounts in Bitcoin across different address categories.

«This is largely similar to a public address (wallet). You can think of UTXO as a box containing a certain amount of the leading cryptocurrency», explained CryptoQuant analyst Mikolai Zakrzhovski.

The UTXO range from 1,000 BTC to 10,000 BTC is growing. This indicates that the corresponding whale category is gradually accumulating Bitcoin. According to Zakrzhovski, wallets with more than 10,000 BTC usually belong to exchanges or funds.

Earlier Glassnode analysts recorded an ‘unloading’ among Bitcoin whales.