On-Chain Data Shows Bitcoin Whales Hold Fort Despite Recent Dips

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 | Bitcoin T...