Glassnode data analyzed by CryptoSlate showed a divergence between super whales and retail, with the former remaining in an aggressive accumulation mode heading into the new year.

Bitcoin Accumulation Trend Score

The Accumulation Trend Score (ATS) looks at the relative size of entities that are actively accumulating or distributing their Bitcoin holdings.

The ATS metric uses a spectrum between 0 and 1. A reading closer to 0 indicates distribution or sale. While a score closer to 1 shows accumulation or purchase.

Analysis of the chart below showed that substantial accumulation occurred during the FTX crash in early November 2022, even as the Bitcoin price reacted negatively to the news.

This suggests that investors, as a whole, saw value in buying at reduced prices.

Since then, the ATS has become more neutral, with a distribution bias, reflecting lingering macroeconomic uncertainties through 2023.


Cohort analysis

Cohort analysis provides a graphical representation of accumulation and distribution across six cohorts, ranging from minnows with less than one BTC to super whales with more than 10,000 BTC.

As the FTX saga exploded, all cohorts were stacking up aggressively. This steady trend ended in mid-December 2022 when whales (entities with between 1,000 and 9,999 BTC) began to spread widely.

The change in sentiment about the whales spread to other groups of cohorts, which began to spread as well, but not to the same extent as the whales. On the contrary, throughout this period up to the present, superwhales have remained largely net accumulators.


Mega Whale Address Count

Analysis of the Bitcoin Mega-Whale address count balance showed that entities with more than 10,000 BTC exceeded 120 addresses at the end of last year. This encompassed a 30-day turnaround of more than 20 additional addresses, marking the fastest growth rate since 2018.

Coupled with previous charts detailing the aggressive accumulation of super whales, it’s fair to conclude that smart money investors were buying the dip.

Source: Glassnode.comPosted In: Bitcoin, Research

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