Bitcoin Investors Pivoting To Accumulation, But Mega Whales Are Still Selling

On-chain data shows the Bitcoin mega whales are still in a phase of distribution despite the other cohorts shifting to ￰0￱ Mega Whales Have Continued To Sell During This Rally According to the latest weekly report from Glassnode, the Bitcoin Accumulation Trend Score suggests a resurgence in buying among the ￰1￱ on-chain indicator basically tells us whether the BTC holders are buying or ￰2￱ metric calculates its value by not only looking at the balance changes happening in the wallets of the investors, but also accounting for the size of the wallets ￰3￱ means that the behavior of the larger entities has a larger influence on the ￰4￱ Reading: Bitcoin’s Rally Still Looks Intact, CryptoQuant Says: Here’s Why When the value of the indicator is above 0.5, it implies the large investors (or alternatively, a large number of small hands) are participating in ￰5￱ closer is the indicator to 1, the stronger is this ￰6￱ the other hand, the metric being under the threshold suggests distribution is the dominant behavior among BTC ￰7￱ zero mark serves as the extreme level for this side of the scale.

Now, here’s the chart shared by Glassnode in the report that shows the trend in the Bitcoin Accumulation Trend Score separately for the various investor cohorts: As displayed in the above graph, the Bitcoin Accumulation Trend Score assumed a neutral-distribution value across the market in mid-September, but a shift has occurred ￰8￱ sharks, investors holding between 100 to 1,000 BTC, were the first to pivot to ￰9￱ it wasn’t just any degree of accumulation, but a strong one, with the metric sitting close to ￰10￱ 10 to 100 BTC cohort followed soon after, though its Accumulation Trend Score has still not achieved a value as high as the sharks’. Together, the buying from these mid-sized holders appears to be what backed the recent price surge to a new all-time high (ATH).

Very recently, the retail investors (below 1 BTC and 1 to 10 BTC groups) have also embraced accumulation, potentially attracted by the hype of the Bitcoin bull ￰11￱ sharks and smaller entities have been accumulating, the top end of the scale has shown a different ￰12￱ whales (1,000 to 10,000 BTC) have continued to hold a neutral behavior, neither buying nor selling, while the largest of entities on the network, those holding above 10,000 BTC, have been in stark contrast to the sharks with their Accumulation Trend Score sitting deep in the distribution ￰13￱ Reading: XRP Could Retest Triangle Support At $2.72, Analyst Warns It now remains to be seen how long these Bitcoin holders, popularly called the mega whales, will continue their selloff, and whether they will provide impedance to the ￰14￱ Price At the time of writing, Bitcoin is floating around $120,900, down 2.5% over the last 24 ￰15￱ image from Dall-E, Glassnode.

com, chart from ￰16￱