Bitcoin may resist a decline because of the waning distribution of coins.
Compared to the 10 to 100 BTC selling cohort, the 100,000 to 1 million group were accumulating.
Bitcoin [BTC], once again, moved past $35,000 as the coin gained $3.18% in the last seven days. While the rise may not be convincing enough compared with the performance in October, Mignolet, an author on CryptoQuant, noted that a significant downtrend is unlikely to happen.
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Sellers’ weak hands have nothing on BTC
Mignolet, in his analysis, used the Bitcoin exchange inflow Spent Output Value Bands (SOVB) to come to the conclusion mentioned above. The Bitcoin SOVB shows the distribution of all spent outputs flowed into exchange wallets according to their value.
With this metric, one can get the total value of coins spent by a certain cohort. From the chart shared by Mignolet, whales holding around 1000 to 10,000 BTC were quiet around press time.
Source: C
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