The post Bitcoin Accumulation Is Returning, Glassnode Report Reveals appeared on BitcoinEthereumNews.com.

A report from the on-chain analytics firm Glassnode has revealed that Bitcoin accumulation behavior is starting to return among the investors. Bitcoin Accumulation Trend Score Has Surged To The 1 Mark Recently In its latest weekly report, Glassnode has discussed about how the behavior among the Bitcoin investors has looked like recently. The on-chain metric of interest here is the “Accumulation Trend Score,” which basically tells us about whether the Bitcoin investors have been accumulating or not over the past month. The indicator calculates its score by not only keeping track of the balance changes happening in the wallets of the holders, but also by taking into account for the size of their wallets, thus providing a higher weightage to the larger investors. When the value of this metric is close to 1, it means the large entities on the network (or alternatively, a large amount of small holders) have been participating in accumulation. On the other hand, it being near the 0 mark suggests the big participants have either been distributing or simply not taking part in any accumulation during the last 30 days. There are two versions of this indicator; below is the chart for the first of these, which shows the Accumulation Trend Score separately for the different wallet groups in the sector. Looks like the various cohorts have started to turn blue in recent days | Source: Glassnode’s The Week Onchain – Week 33, 2024 As is visible in the above graph, the Bitcoin Accumulation Trend Score had been deep red for the entire market during the consolidation that had followed the price all-time high (ATH), implying that distribution had been occurring. Recently, however, the indicator has slowly started to turn blue for the cohorts. Interestingly, the larger groups are showing the more aggressive accumulation, with…

---

Filed under: News - @ August 15, 2024 12:23 pm