Since October 14th, Bitcoin has seen significant growth, reaching 53%, with a distinctive accumulation pattern among different wallet groups.
According to the Accumulation Trend Score, a metric that measures the relative strength of coin accumulation based on entity balance changes, from mid-October to mid-November, the accumulation trend score was 1. This indicates strong accumulation across all wallet groups during this period, marked as a “dark green accumulation” phase, reflecting substantial buying activity among market participants.
Interestingly, just two weeks after this accumulation phase, whale entities (those owning more than 10,000 BTC) changed their behavior. Despite the continuous increase in Bitcoin’s price, these whales began distributing coins, diverging from their previous accumulation trend.
However, at the current moment, whales are once again accumulating at higher prices. This suggests unwavering confidence in Bitcoin’s prospects.
Overall, all wallet groups are consistently accumulating Bitcoin, painting a picture of a dynamic market.
Regarding Bitcoin’s price, after breaking the $40,000 mark on December 4th, BTC has experienced strong growth, reaching a new high for 2023 at $44,500. Currently, BTC has undergone a slight correction and is trading around the $43,800 mark.