Bitcoin It has increased 10% this week as several groups of wallet holders change from the distribution to accumulation for the first time since August. The largest cryptocurrency increased above $ 121,000 on Thursday, the highest since it reached a record on August 14, according to Coindesk data.
The accumulation trend score, which measures the relative resistance of accumulation or distribution for a period of 15 days, has increased to 0.62, according to Glassnode data.
This value is above the neutral threshold of 0.5, indicating that in the aggregate, market participants seek to buy instead of selling. A reading closer to 1 indicates a stronger accumulation, while a reading closer to 0 suggests distribution.
Broken by cohort, the wallets containing between 100 and 1,000 BTC have sharply become the accumulation after distributing coins last week. Those who have between 10 and 100 BTC are also beginning to accumulate again. Retail participants, who have less than 10 BTC, have considerably slow down their sale and are beginning to show signs of purchase activity.
On the other hand, large whales with balances greater than 10,000 BTC remain strongly in distribution, extending a trend that has persisted since August.
Together with these changes in wallet behavior, a notable bullish trade pattern in US markets has emerged. From Monday to Thursday, Bitcoin has constantly won during negotiation hours of the United States, increasing around 8% during these sessions alone, according to veil data.
