On-chain data indicates that Bitcoin mega whales are actively buying more, with their Accumulation Trend Score reaching approximately 0.7. Mid-sized investors are showing signs of accumulating as well, with those holding 10 to 100 BTC nearing a score of 0.5. Overall market sentiment may be shifting, yet smaller cohorts have yet to fully transition to accumulation following the lead of mega whales. Bitcoin’s price currently hovers around $84,500.
Recent on-chain data reveals that substantial Bitcoin investors, known as mega whales, have consistently increased their holdings. The larger question is whether smaller cohorts of investors are beginning to follow this positive trend.
Glassnode, an on-chain analytics firm, recently shared insights on the Accumulation Trend Score, a measure indicating whether Bitcoin investors are primarily buying or selling. This score considers wallet balance changes and the size of holdings, giving greater significance to movements by large investors. A score above 0.5 indicates accumulation, while a score below suggests distribution.
The Accumulation Trend Score illustrates the behavioural trends of Bitcoin holders, differentiated by wallet size. A recent chart from Glassnode showed that in February, all cohorts experienced high distribution levels. However, since then, a notable decrease in selling pressure has occurred across groups. Notably, those holding 10,000+ BTC, dubbed mega whales, began accumulating in March, pushing their score to approximately 0.7.
While other groups have started easing distribution, they are yet to enter the accumulation phase, although the cohort holding between 10 to 100 BTC is nearing a score of 0.5. As stated by Glassnode, this could indicate a shifting sentiment among mid-sized holders, suggesting a budding interest in acquisition.
The continuing trends in the Accumulation Trend Score will help ascertain whether smaller investors will follow mega whales in their accumulation efforts. Currently, Bitcoin prices are stabilising around $84,500, reflecting this tentative market sentiment.
