According to a report published by CryptoQuant, Bitcoin whales continue to accumulate coins as the market is in a sideways movement.
The company's researchers have reached this conclusion based on the Exchange Whale Ratio, the Exchange Inflow Coin Days Destroyed (CDD) and the UTXO value ranges indicators.
The first indicator is the ratio of the 10 largest Bitcoin inflows to exchanges to their total volume, i.e., the degree of whale participation in total deposits.
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The 30-day smoothed simple moving average of the Exchange Whale Ratio has fallen to levels of five years ago.
The second metric, the CDD, shows how long Bitcoin remained in the wallet before its last move. This one gives more weight to Bitcoins that have not been spent for a long time.
The 30-day smoothed simple moving average has reached an 8-year low, meaning that whales are not in a hurry to transfer their coins to crypto exchanges for later sale.
The third indicator, the UTXO value ranges, illustrates unspent Bitcoin amounts in different address categories.