In early February, bitcoin was trading around $80,000, with whales diving into it as retail investors rushed for the exits. Just a week later, bitcoin crashed to $60,000 on February 5, and the market is now showing a broad shift toward accumulation across nearly all cohorts as investors begin to see value.
This change follows one of the most severe capitulation events in bitcoin history. Which now appears to be evolving towards a more synchronized accumulation phase.
Glassnode’s cumulative trend score per cohort highlights this behavioral shift. The metric measures the relative strength of accumulation in different wallet sizes taking into account both the size of the entity and the amount of BTC accumulated in the last 15 days. A score closer to 1 indicates accumulation, while a score closer to 0 indicates distribution.
In aggregate terms, the cumulative propensity score per cohort has now exceeded 0.5, reaching 0.68. This is the first time since late November that broad accumulation has been seen, a period that previously coincided with Bitcoin forming a local bottom near $80,000.
The cohort showing the most aggressive dip buying has been wallets holding between 10 and 100 BTC, particularly as prices fell towards $60,000.
While it remains uncertain whether the bottom has been reached, it is evident that investors are once again finding value in bitcoin after a more than 50% drop from its October all-time high.
