On-Chain Data Shows Signs of Further Bitcoin Accumulation
On-chain data shows signs of further Bitcoin accumulation over the past month.
1 week-to 1 month-old Bitcoin UTXOs have risen in recent days
As one analyst pointed out in an article on CryptoQuant, UTXOs bought between 1 week and 1 month ago have gone up since the FTX crash.
The relevant indicator here is the "Realized Cap - UTXO Age Bands", which tells us which age group has which percentage of Bitcoin's realized cap.
The “realized cap” here refers to a type of BTC cap model in which the crypto cap is calculated by weighing each coin in the circulating supply against the price at which it was last moved, then taking the sum for the entire supply.
This capitalization method is different from the usual market capitalization, where all coins are simply multiplied by the current BTC price.
“Age bands” are groups that define the period in which the UTXOs that fall into them was last moved. For example, the "1m-3m" age range includes all UTXOs who have shown no movement for 1-3 months.
Now, the relevant age range in the current discussion is the "1w-1m" group. Here is a chart that shows how the contribution to the realized cap of this Bitcoin band has changed over the past two years:
.png "On-Chain Data Shows Signs of Further Bitcoin Accumulation")
Looks like the value of the metric has recently increased |
As you can see in the chart above, the realized ceiling of UTXO Bitcoin falling in the 1w-1m band was down during the bear market and had reached very low values by the time the FTX crash broke out. product.
Since the crash, however, the age bracket has seen a rapid upward trend. This means that there was a large number of coins purchased between 1 week and 1 month ago.
Based on this trend, it appears that some investors have been busy accumulating the lows seen after the crash, despite the uncertainty felt by the market due to FTX contagion potentially leading to a cascade of bankruptcies from other platforms.
( BTC Price )
As of this writing, the price of Bitcoin is hovering around $16.5,000, down 1% in the past week. Over the past month, the crypto has lost 15% in value.
The chart below shows the coin’s price action over the past five days.
.png "On-Chain Data Shows Signs of Further Bitcoin Accumulation")
Over the past few days, the value of cryptocurrencies seems to have returned to a flattened curve
