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Bitcoin whales resume accumulation, signaling confidence in market rally Bitcoin whales resume accumulation, signaling confidence in market rally

Bitcoin whales resume accumulation, signaling confidence in market rally

Data via Glassnode

Bitcoin's 53% price ascent is accompanied by sustained accumulation, even at higher prices.

Quick Take

The recent Bitcoin price surge, up over 53% since Oct. 14, has been accompanied by a distinctive accumulation pattern among various wallet cohorts.

The Accumulation Trend Score, a metric that measures the relative strength of coin accumulation by entity balance size, has shown intriguing trends. From mid-October to mid-November, the accumulation trend score was 1, indicating strong accumulation across all cohorts. This period, marked by a ‘deep blue accumulation’, reflects a high degree of engagement from participants in the market.

Accumulation Trend Score: (Source: Glassnode)
Accumulation Trend Score: (Source: Glassnode)

Interestingly, the two weeks following this accumulation period saw a shift in behavior among the so-called ‘whales’ – entities that own 10,000 BTC or more. Despite the ongoing surge in Bitcoin’s price, which reached a peak of $42,300, these whales began to distribute coins, moving away from their previous accumulation trend.

Accumulation Trend Score by Cohort: (Source: Glassnode)
Accumulation Trend Score by Cohort: (Source: Glassnode)

However, as of now, we are seeing a reversion to accumulation among these whales, with the notable difference that they are buying at higher prices. This implies a continued confidence in Bitcoin’s prospects despite the increased price point. Overall, aggressive coin accumulation is still observed across all cohorts, painting a picture of an engaged and active market.


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