• Investors holding 1,000-10,000 BTC and US institutional holders declined in recent months.
• BTC’s price remained below SMA as the bear trend persisted.

Bitcoin’s [BTC] price has been crawling at a snail’s pace, and the dominant direction remained bearish over an extended period. Nevertheless, a potential surge towards a bullish trend could potentially materialize, but it hinges on the actions of two distinct groups of holders, as highlighted in a recent report by CryptoQuant.

Read Bitcoin’s [BTC] Price Prediction 2023-24

Bitcoin holders stall the bull trend

A recent report by CryptoQuant suggested that the current Bitcoin trend could potentially transition into a bullish phase, contingent upon the upturn of two key metrics.

The first metric, known as the UTXO value bands, indicated a decrease in BTC holdings for certain groups of investors. These bands provide insights into the distribution of BTC holdings among different categories.

Historically, BTC prices have surged when large investors, often called whales, have accumulated substantial amounts of BTC. 

Notably, the rise in the 1,000–10,000 BTC holding group has significantly triggered price increases. However, the latest data reveals a deviation from the previous pattern, as the quantity of BTC held by this group has not been increasing as of this writing.

Furthermore, another metric, the Geographical Supply Distribution by Entities, sheds light on the holdings of Bitcoin by institutions in the United States.

Since April 2021, there has been a dec

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Author: Suzuki Shillsalot

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