Bitcoin has today broken past $21k in a sharp surge as on-chain data suggests signs of accumulation from the investors.
As pointed out by an analyst in a CryptoQuant post, the value bands who took profit around ten days ago are now accumulating again.
The relevant indicator here is the “UTXO value bands,” which tells us what percentage of the total Bitcoin supply is held by which groups.
The value bands or groups here are divided based on the number of coins in each Unspent Transaction Output (UTXO), or simply, the amount currently held in each wallet.
For example, the 1k-10k BTC value band includes all wallets that are currently holding between 1k and 10k BTC.
When any value band shows an uptrend, it means the number of wallets in that specific range are going up.
In context of the current discussion, the relevant value bands are the 0.1-1 BTC, 1-10 BTC, and 10-100 BTC cohorts.
Here is a chart that shows the trend in the UTXO value band percentages for each of these groups:
Looks like all these metrics have been going up in the last couple of days Source: BTCUSD on TradingViewFeatured image from Sandra Seitamaa on Unsplash.com, charts from TradingView.com, CryptoQuant.com
Tags: bitcoinbitcoin accumulationBitcoin BullishBitcoin Investor AccumulationBitcoin UTXO Value Bandsbtcbtcusd
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