The Bitcoin rally looks different from the last two surges of this year. According to the latest weekly report from Glassnode, BTC has seen significant accumulation. The “accumulation trend score” reflects how Bitcoin investors are behaving over the past 30 days. The score considers the balance changes in wallets and the relative size of the investors.
If the indicator trends toward 1, large investors have been accumulating. If it’s close to 0, the market observes hold distribution. A chart shows that the Bitcoin accumulation trend score has been dark purple, suggesting aggressive accumulation. The behavior in the current surge is different as it has been consistently close to 1, while also comparing it with past rally behavior. The individual trend accumulation scores of various wallet groups also reveal an uptick in accumulation since October.
How Does BTC Price Reflect?
Bitcoin registered a 2% pullback in the last 24 hours after the CEO of Binance, the largest cryptocurrency exchange, stepped down. This has also impacted the price of the cryptocurrency.
Hot Take
The difference in Bitcoin behavior and the broad uptick in accumulation reflects strong market performance and investor confidence. This reflects that a spot BTC ETF is improving investor confidence and strengthening the uptrend.
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