There is continued activity among old players in the spent output age band.

After Bitcoin refreshed its all-time high at 73k, a significant amount of bitcoin has been observed changing hands within five years. New whales are accumulating a substantial amount in their wallets. Even if the price starts to decline, these new whales continue accumulating, maintaining a manipulative effect on the price to acquire such large amounts of bitcoin.

On August 7, it appears that 4,607 bitcoins in the 3y-5y range were transferred. These were likely introduced to the markets, and this significant amount of bitcoin is entering new whale wallets. On August 8, it seems that 1,811 bitcoins were transferred from addresses holding between 12m-18m. As these bitcoins are sold, the accumulation in new whale wallets increases. In the short term, these may come across as selling pressure, but the accumulation by whales is very positive for the long term.

Bitcoin may seem negative in the short term, but I foresee a very strong rise ahead of us.

Written by XBTManager