CryptoQuant Report: Fresh Bitcoin Whales Boost Holdings, Nearly Doubling Old Large Owners’ Stakes
CryptoQuant’s CEO, Ki Young Ju, reports that a surge in new crypto whales is outpacing the accumulation rate of long-term Bitcoin (BTC) holders.
These new whales, defined as addresses holding at least 1,000 BTC with an average coin age of less than 155 days, have invested nearly double the amount of Bitcoin compared to old whales with an average coin age of 155 days or more. Excluding miner and centralized exchange addresses, Ju observes a notable shift in Bitcoin’s ownership landscape, marked by a recent peak in average coin dormancy spanning 13 years. This shift hints at a transfer of old Bitcoins to new holders, raising questions about the identity of these major shareholders.
Additionally, Ju analyzes Bitcoin’s unrealized profits across different on-chain cohorts, suggesting a potential ongoing cycle with unrealized profits showing varying percentages among different categories. Currently trading at $64,222, Bitcoin remains a top-ranked crypto asset, experiencing slight fluctuations but showing overall positive growth trends over the past week.
Clever Robot News Desk 27th April 2024
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