0nchained’s Post

Whale Watch: Analyzing Bitcoin’s Price Surge and Whale Accumulation Trends 🔭 🙏🏻 In today’s trading session, Bitcoin has experienced a notable price surge, rising from $59,000 yesterday to $63,000, marking an increase of approximately 6.5%. This significant price movement is intricately linked to the shifts in on-chain dynamics among various whale cohorts, particularly those holding substantial quantities of Bitcoin. Daily Supply Changes Across Cohorts Recent data reveals compelling trends in the supply changes of Bitcoin across different address cohorts: New Whales: The daily supply change for new whales—defined as addresses holding at least 1,000 BTC with an average holding period of less than six months—demonstrated substantial increases. Two days ago, this cohort saw an uptick of 153,491 BTC, escalating to 83,510 BTC yesterday, with an additional 1,705 BTC acquired today. This heightened accumulation signals a significant influx of capital as new investors seize favorable market conditions. Such aggressive buying behavior aligns closely with the recent price increase, suggesting that these new participants are entering the market with a bullish sentiment. Addresses Holding Over 10K BTC: In contrast, this cohort exhibited a minor reduction of -373 BTC two days ago, followed by a slight accumulation of 943 BTC today. Their relatively subdued activity, compared to the aggressive accumulation by new whales, indicates a more cautious approach. This conservative stance may hinder their ability to capitalize on the current market uptrend. Realized Capitalization Changes The changes in Realized Capitalization (RC) provide further insight into market sentiment. Realized Capitalization assigns value to each unspent transaction output (UTXO) based on the price at which it was last transferred. For instance, if a Bitcoin was last moved at a price of $30,000, that UTXO contributes to the realized cap at that value, regardless of the current market price. New Whales have seen a significant increase in their realized capitalization, with changes amounting to $9,584,016,638 two days ago and $5,167,027,607 yesterday. This surge indicates robust valuations of newly acquired assets, highlighting the confidence that new market entrants have in Bitcoin’s continued appreciation. In contrast, certain addresses with balances exceeding 10,000 BTC have seen a decrease in their realized capitalization, indicating a potential trend of profit-taking amid the recent price volatility. Notably, the changes in their realized cap have been minimal when compared to the significant increases noted among emerging whales. This dynamic highlights the dual influence of both selling and acquisition activities on their portfolios, as demonstrated in the accompanying charts. The premier leader in directional on-chain data analytics, 0nchained. Data: CryptoQuant #bitcoin