Bitrabo Editorial
According to a recent report from Glassnode, a firm specializing in on-chain analytics, Bitcoin investors are once again showing signs of accumulating the cryptocurrency.
Increase in Bitcoin Accumulation Trend Score Revealed
Glassnode’s latest weekly report has shed light on the current behavior of Bitcoin investors. One key metric of interest is the “Accumulation Trend Score,” which indicates whether investors have been accumulating Bitcoin over the previous month.
The score is derived from monitoring changes in wallet balances, considering the wallet sizes, and assigning more weight to larger investors. A score close to 1 suggests accumulation by major entities or a large number of small holders.
In contrast, a score near 0 indicates that significant players have either been distributing or refraining from accumulation in the last 30 days.
The data is presented in two versions, with a chart displaying the Accumulation Trend Score for various wallet categories in the market.
The graph shows that following a period of consolidation after reaching an all-time high, the Bitcoin Accumulation Trend Score was predominantly negative, indicating distribution. However, there has been a recent shift towards positive scores, particularly among larger groups nearing the 1 level, signifying increased accumulation.
Notably, the cohort with the highest accumulation is the group holding over 10,000 BTC, possibly including entities like spot exchange-traded funds (ETFs). Glassnode noted that these significant wallets seem to be returning to an accumulation pattern.
Given the emphasis on larger cohorts, the combined market version of the Accumulation Trend Score has also reached 1 due to notable accumulation by major players in the industry.
Comparing the current levels of accumulation indicated by the score to historical data, a similar pattern was observed during the previous rally to the all-time high. This trend suggests a potentially bullish impact on Bitcoin from the ongoing accumulation.
Current Bitcoin Price
As of the latest update, Bitcoin is being traded around $61,300, showing a weekly increase of more than 7%.