On-chain data shows that investors are divided as they continue to accumulate Bitcoin.
Bitcoin’s Accumulation Score shows mixed behavior from holders
It’s a brand new world post on X, the on-chain analytics firm Glassnode has talked about how the BTC investor cohorts aren’t showing a unified behavior on the Accumulation Trend Score. Accumulation Score is an indicator which tells whether Bitcoin owners are increasing their holdings or not. This metric is based on the two main factors of: how much money investors have in their wallets and what size they are.
If the value is higher than 0, it indicates that the net accumulation trend of large hands (or large numbers of small ones) has been skewed. The higher the score, the greater the amount of buying. On the other hand, the metric being under the threshold suggests the investors are in a phase of distribution (or simply, that they aren’t accumulating). At the zero point, this behavior is strongest.
This chart shows how the Accumulation Trend Scoring is calculated by Glassnode. The trend for this metric can be seen separately for different holder groups.
The Accumulation Trend score has been fluctuating in recent times, as shown in the graph above. Investors with between 1-10 BTC have been distributing their assets, whereas those who own 10-100 BTC are increasing.
Among the large holders, the trend leans more neutral, but the indicator still doesn’t show any clear uniformity. The group of 1,000 to 10,000 coin holders, also called the whales, are currently tending toward accumulation, but those part of the 10,000+ cohort, the ‘mega whales,’ are showing slight distribution.
The analytics company states that the aggregate Accumulation trend score of the whole network stands at 0,57. There is currently no apparent majority in the trading behavior.
That said, while a unifying buying push hasn’t appeared alongside the latest price rally toward $108,000, there has still been an improvement that has occurred in the score. The analytics company claims that the indicator had dropped as low as 0.25 when it was first released.
However, it remains to see if Bitcoin investors continue to follow this path or if they are still indecisive.
BTC price
Bitcoin had earlier tried to move above $108,000, but it has not yet been able maintain this movement. Its price is now reversing towards $107100.
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Source: www.newsbtc.com
