Bitcoin
He is on his way to registering his weakest monthly performance in a year in the middle of a disconcerting mixture of ETF tickets and ETF signs consistent chain sales by whales and small wallets.
When writing, BTC changed hands to about $ 107,000, only 2% for the month, according to Coindesk data. That is the smallest monthly gain since last July.
Dour’s price action seems confusion as the funds quoted in the US spot exchange. (ETF) They have continued to see a great absorption, registering $ 3.9 billion in net tickets in consecutive weeks. In addition, the adoption of the corporate treasure continues at a fast pace worldwide.
Whale selling
However, the data in the chain from Glassnode, particularly a key metric called accumulation trend score, which breaks down the behavior of different wallet cohorts, does not paint a pink image.
The metric measures the relative accumulation force for each cohort depending on the size of the entities and the amount of BTC acquired in the last 15 days. A value closer to 1 suggests that participants in that cohort are accumulating coins, while a value closer to the distribution of 0 signals. Entities such as exchanges and miners are excluded from this calculation.
Currently, holders with balances between 10 and 10,000 BTC are in accumulation mode, although their behavior fluctuates between buying and selling, indicating that they are more opportunistic merchants instead of buyers or sellers consistent. On the contrary, whales that have 10,000 BTC or more incline slightly towards the distribution of their holdings, while smaller holders are also net sellers.
Consolidation phase
Between January and April 2025, all cohorts were sold predominantly, but the accumulation resumed once Bitcoin played in April near the level of $ 76,000. Now, the asset seems to have entered another phase of consolidation.
In its latest “Week in the Chain” report, Glassnode suggests that the profit taking activity is beginning to decrease. The profits have reached $ 650 billion in this cycle compared to $ 550 billion during the previous cycle. Glassnode attributes this tendency to market cooling, even more emphasizing the consolidation period in progress.
