The BAT token has been gaining positive status for a few months. However, after hitting a new all-time high last month, the altcoin was stuck in a downtrend. Fortunately, the price rebounded significantly over the past week and investors took the opportunity.
Fearing loss, investors sold coins to take profits, and this can be verified by the status of on-chain indicators.
The total supply on the exchanges has grown to over $ 10 million in BAT, or $ 12.2 million. In fact, whales also contributed to these sales orders as their volume rose from $ 7 million to $ 60 million.
Whale mass BAT | The source: In the block
It happened when the price rose 34% over the course of the week and then fell 11.7% in 24 hours. The decline wiped out more than a third of all the gains made in the past few days.
BAT price promotion | Source: TradingView
On top of that, there was also a deluge of long-term owners selling BAT to take profits that week as it consumed over 16.4 billion days in 72 hours.
Old BAT consumption | Source: Santiment
This is surprising as BAT is known as the HODLer dominated altcoin. The average holding period of BAT at an address is around 1 year.
Because of this, we can also see that most of the investors in the network are not regular traders, but rather long-term (LTH) owners.
With LTH dominating 72%, the network currently has about 25% of investors who bought BAT less than a year ago.
Distribution of investors BAT | Source: Intotheblock
In addition, day traders or short-term owners account for less than 2.6% of the investor distribution.
Because of this, BAT holders are generally not interested in such drops and rallies as they are basically always HODLing.
For new investors looking to take advantage of this opportunity, now is probably a good time as BAT is finally profitable after almost a month. However, as the price fell yesterday, many people may want to get in as some green candles appear on the chart.
BAT is back with words | Source: Santiment
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