Binance and Changpeng Zhao were sued by the SEC yesterday, and BTC fell -6% on the news. Analyzing what activity the whales did despite the decline in BTC price is important for the future outlook. The UTXO VALUE BANDS metric tells you how many BTC you have by size. Below are four groups by BTC holding size.
ㆍ10~100 BTC (Green): 4.91M (+7,716BTC, +0.15%)
ㆍ100~1K BTC (Red): 4.94M (-12,717BTC, -0.25%)
ㆍ1K~10K BTC (purple): 3.74M (-5,701BTC, -0.15%)
ㆍ10K~BTC (Orange): 1.78M (No change)
The whales (red) driving the downtrend yesterday were the 100-1K BTC group, which lost -0.25% to their overall holdings. The 1K-10K BTC (purple) whale group also sold some BTC when bad news occurred, but quickly bought it back. In particular, it appears that the 10-100 BTC group (green) bought the BTC that the red and purple whale groups sold.
In conclusion, in the 1K-10K BTC holding group, which has the greatest impact on BTC price fluctuations, the holding volume decreased after the bad news, but as of May 23, the holding volume increased by +18,672 BTC. Therefore, what is important to look at going forward is that if the holdings of this group of whales increase despite a decrease in price, it can be seen as an accumulation activity, which means that the price rebound is more likely than a further decline. Going forward, we should pay attention to the changes in the BTC holdings of the purple whale group.
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