Experts from Glassnode have published a new report detailing the developments in the bitcoin market. According to their data, large cryptocurrency holders with more than 10,000 BTC in their accounts are actively increasing their bitcoin reserves. Since March 11, the balance of their wallets has grown by more than 129,000 BTC, which is approximately equivalent to $11.2 billion.
This is reported by Finway
“Whales holding >10K $BTC have pushed their Accumulation Trend Score above 0.5 – a clear sign of steady buying. On the cohort-level chart, they’re the only group showing decisive accumulation, while smaller holders are still net sellers.”
According to the report, the Accumulation Trend Score for this group has reached over 0.5. This indicates that investors in this category are actively accumulating bitcoins, while smaller traders are, conversely, liquidating their assets. The overall indicator value for the market as of March 25 was 0.235 – the highest level since January 4, which may indicate a shift in sentiment among all holders.
Trends in the Bitcoin Market
Charts indicate that whales began actively accumulating bitcoins from March 11, and this trend accelerated towards the end of the month. The average amount of bitcoins held by a large owner is also currently increasing, although it remains lower than the values observed from December to February. This leaves potential for further growth if the trend continues.
Interestingly, the accumulation trend among large holders is occurring against the backdrop of a decreasing share of bitcoin supply on cryptocurrency exchanges. Since March 9, there has been a consistent decline in this share. It is also worth noting that the share of bitcoin addresses holding the asset for at least a year has increased from 61.9% to 63.4% as of March 27.
Expert Opinions
Previously, analysts from Bitwise and T. Rowe Price noted that the current market situation could be advantageous for investors looking to enter this space.