{"id":471784,"date":"2021-09-16T19:00:15","date_gmt":"2021-09-16T19:00:15","guid":{"rendered":"https:\/\/uniquehot.com\/?p=471784"},"modified":"2024-06-11T13:58:41","modified_gmt":"2024-06-11T13:58:41","slug":"on-chain-bitcoin-whales-recent-dips","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/on-chain-bitcoin-whales-recent-dips\/","title":{"rendered":"On-Chain Data Shows Bitcoin Whales Hold Fort Despite Recent Dips"},"content":{"rendered":"

On-chain data shows Bitcoin whales haven’t budged despite the recent dips, and are rather continuing to accumulate more.<\/p>\n

Whales Continue To Accumulate More Bitcoin<\/h2>\n

As pointed out by a CryptoQuant post<\/a>, the Bitcoin sum coin age (SCA) indicator has been going up, showing long-term holders are continuing to accumulate.<\/p>\n

The SCA is a BTC metric that tells us about the distribution of long-term holders. It’s calculated by taking the product of the UTxO (Unspent Transaction Output) alive days and the UTxO value.<\/p>\n

The “age” of a coin is measured in “coin days.” When a certain amount of BTC remains unspent for a day, it accumulates some fraction of a “coin day.”<\/p>\n

One whole Bitcoin remaining unspent accumulates one coin day. Similarly, if half a coin remains unspent for a day, it picks up half (0.5) a coin day.<\/p>\n

With the help of the indicator, it becomes possible to tell what the sentiment among long-term holders is. A dip in the metric’s value would suggest that whales<\/a> have started moving their coins, while an increase would imply they are continuing their accumulation.<\/p>\n

Now, here is a chart that highlights the trend of the SCA vs the BTC price:<\/p>\n

\"Bitcoin<\/p>\n

The Bitcoin SCA seems to be climbing straight up | Source: CryptoQuant<\/a><\/pre>\n
As you can see in the above chart, the SCA had a minor dip late July, but since then the indicator has been going up in a straight line.<\/p>\n
Related Reading |\u00a0Bitcoin Transaction Fees Hit One-Year Lows, How Does This Affect The Price?<\/a><\/strong><\/em><\/p>\n
The dip occurred when the BTC price made a peak, implying some long-term holders decided to sell their coins and take the profits.<\/p>\n
However, these holders were in the minority as most of the whales still held fort and continued to accumulate, creating the recent straight line trend.<\/p>\n
Related Reading | New To Bitcoin? Learn To Trade Crypto With The NewsBTC Trading Course<\/a><\/strong><\/em><\/p>\n
Also, as the graph shows, the recent crash in BTC’s price from above $50k to as low as $43k wasn’t enough to make these whales budge from their positions. The trend shows that these investors believe the price will appreciate further, and thus they continue their accumulation.<\/p>\n
BTC Price<\/h2>\n
At the time of writing, Bitcoin’s price<\/a> floats around $47.5k, up 1% in the last 7 days. Over the past month, the crypto has accumulated 4% in gains.<\/p>\n
The below chart shows the trend in the price of the coin over the last five days:<\/p>\n
\"Bitcoin<\/p>\n
BTC's price seems to be moving down right now | Source: BTCUSD on TradingView<\/a><\/pre>\n
After continuing some strong upwards movement over the past few days, Bitcoin looks to be heading down now. It’s unclear if this trajectory would hold, but considering that the famous golden cross<\/a> has appeared, the market may be bullish.<\/p>\n","protected":false},"excerpt":{"rendered":"
On-chain data shows Bitcoin whales haven’t budged despite the recent dips, and are rather continuing to accumulate more. Whales Continue To Accumulate More Bitcoin As pointed out by a CryptoQuant post, the Bitcoin sum coin age (SCA) indicator has been going up, showing long-term holders are continuing to accumulate. The SCA is a BTC metric that tells us about the distribution of long-term holders. It’s calculated by taking the product of the UTxO (Unspent Transaction Output) alive days and the UTxO value. The “age” of a coin is measured in “coin days.” When a certain amount of BTC remains unspent for a day, it accumulates some fraction of a “coin day.” One whole Bitcoin remaining unspent accumulates one coin day. Similarly, if half a coin remains unspent for a day, it picks up half (0.5) a coin day. With the help of the indicator, it becomes possible to tell what the sentiment among long-term holders is. A dip in the metric’s value would suggest that whales have started moving their coins, while an increase would imply they are continuing their accumulation. Now, here is a chart that highlights the trend of the SCA vs the BTC price: The Bitcoin SCA seems to be climbing straight up | Source: CryptoQuant As you can see in the above chart, the SCA had a minor dip late July, but since then the indicator has been going up in a straight line. Related Reading |\u00a0Bitcoin Transaction Fees Hit One-Year Lows, How Does This Affect The Price? The dip occurred when the BTC price made a peak, implying some long-term holders decided to sell their coins and take the profits. However, these holders were in the minority as most of the whales still held fort and continued to accumulate, creating the recent straight line trend. Related Reading | New To Bitcoin? Learn To Trade Crypto With The NewsBTC Trading Course Also, as the graph shows, the recent crash in BTC’s price from above $50k to as low as $43k wasn’t enough to make these whales budge from their positions. The trend shows that these investors believe the price will appreciate further, and thus they continue their accumulation. BTC Price At the time of writing, Bitcoin’s price floats around $47.5k, up 1% in the last 7 days. Over the past month, the crypto has accumulated 4% in gains. The below chart shows the trend in the price of the coin over the last five days: BTC’s price seems to be moving down right now | Source: BTCUSD on TradingView After continuing some strong upwards movement over the past few days, Bitcoin looks to be heading down now. It’s unclear if this trajectory would hold, but considering that the famous golden cross has appeared, the market may be bullish.<\/p>\n","protected":false},"author":542,"featured_media":471796,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,19064,1119,1144],"class_list":["post-471784","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-whales","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\nOn-Chain Data Shows Bitcoin Whales Hold Fort Despite Recent Dips<\/title>\n<meta name=\"description\" content=\"On-chain data shows Bitcoin whales haven't budged despite the recent dips, and are rather continuing to accumulate more. Whales Continue To Accumulate\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/uniquehot.com\/news\/on-chain-bitcoin-whales-recent-dips\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"On-Chain Data Shows Bitcoin Whales Hold Fort Despite Recent Dips\" \/>\n<meta property=\"og:description\" content=\"On-chain data shows Bitcoin whales haven't budged despite the recent dips, and are rather continuing to accumulate more. 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.","sameAs":["https:\/\/www.linkedin.com\/in\/keshavverma29\/","https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29"],"url":"https:\/\/uniquehot.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"On-Chain Data Shows Bitcoin Whales Hold Fort Despite Recent Dips","url":"http:\/\/uniquehot.com\/news\/on-chain-bitcoin-whales-recent-dips\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/on-chain-bitcoin-whales-recent-dips\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2021\/09\/thomas-lipke-kkXDhAUnxYI-unsplash-scaled.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2021\/09\/thomas-lipke-kkXDhAUnxYI-unsplash-scaled.jpg?fit=2560%2C1576"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Keshav Verma"}],"creator":["Keshav Verma"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin whales","btc","btcusd"],"dateCreated":"2021-09-16T19:00:15Z","datePublished":"2021-09-16T19:00:15Z","dateModified":"2024-06-11T13:58:41Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"On-Chain Data Shows Bitcoin Whales Hold Fort Despite Recent Dips\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/on-chain-bitcoin-whales-recent-dips\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/on-chain-bitcoin-whales-recent-dips\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2021\\\/09\\\/thomas-lipke-kkXDhAUnxYI-unsplash-scaled.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2021\\\/09\\\/thomas-lipke-kkXDhAUnxYI-unsplash-scaled.jpg?fit=2560%2C1576\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Keshav Verma\"}],\"creator\":[\"Keshav Verma\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin whales\",\"btc\",\"btcusd\"],\"dateCreated\":\"2021-09-16T19:00:15Z\",\"datePublished\":\"2021-09-16T19:00:15Z\",\"dateModified\":\"2024-06-11T13:58:41Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2021\/09\/thomas-lipke-kkXDhAUnxYI-unsplash-scaled.jpg?fit=2560%2C1576","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/471784","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/542"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=471784"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/471784\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/471796"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=471784"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=471784"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=471784"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}