On-chain data shows every major Bitcoin cohort is now aligned in behavior, with accumulation being dominant across the network.
The metric’s value can lie between 0 and 1, with the two extremes corresponding to perfect behaviors of accumulation and distribution, respectively. The 0.5 mark acts as the boundary between the two types of behaviors.
Now, here is a chart that shows the trend in the Bitcoin Accumulation Trend Score for different segments of the network over the past year:
As displayed in the above graph, the Bitcoin Accumulation Trend Score was showing mixed behavior across the investor cohorts earlier, implying the holders were divided on the cryptocurrency’s outcome. Recently, however, a shift has occurred, with all investor groups showing some degree of accumulation. Three cohorts in particular stand out for their aggression: shrimps, whales, and mega whales.
Finally, the largest of holders on the network, those with more than 10,000 BTC, have broken a distribution streak to show levels of buying not seen since December 2024. “The alignment across wallet sizes suggests broad-based conviction behind the current BTC uptrend,” notes Glassnode.
As is visible in the left chart, Bitcoin miners made a significant amount withdrawals from their wallets recently. What they wanted to do with these coins may be answered by the second graph, which shows most of the 16,000 BTC outflow went to centralized exchanges.
Miners deposit to these platforms when they want to sell, so this withdrawal spree could be an indication that this cohort took advantage of the rally to take profits.
Bitcoin has taken to sideways movement during the past week as its price is still floating around the $118,000 level.
