Bitcoin
It is currently consolidating between $ 107,000 and $ 109,000, leaving only a few percentage points before its historical maximum. While this strict range may seem stable on the surface, the data in the chain suggests a change in the feeling among some of the most influential participants in the market, the great headlines known as whales.
Glassnode Accumulation tendency scoreA measure of accumulation behavior in several cohorts the size of a wallet, offers a deeper vision of this dynamic of the evolutionary market.
The metric evaluates the purchase force combining the size of the wallet entities with the volume of bitcoin acquired in the last 15 days. For larger headlines, the value has fallen to 0.4. A reading closer to 1 indicates a strong purchase, while a level close to 0 points to sales. Crucially, wallets associated with exchanges and miners are excluded from this analysis to provide a clearer image of investor behavior.
What emphasizes is that entities that have 10,000 BTC or more typically classified as whales were the first to begin to accumulate in the minimum of April of the market in around $ 75,000. Now, they are beginning to reduce their holdings, while the other wallet cohorts remain in accumulation mode. This pivot suggests a strategic change, potentially driven by the desire to set profits near historical maximums or a more cautious perspective on the direction of short -term prices.
The evidence of support of this change in behavior comes from the exchange flow data that shows that wallets of whales had been constantly withdrawing Bitcoin during the past month, a bullish signal that implies that they were not looking to sell their holdings in the short term.
This trend now seems to be reversing. In two of the last three days, the whales have deposited BTC again in the exchanges, a pattern commonly associated with an imminent sale activity.
This nuanced behavior raises the critical question: Do the whales anticipate a local top?
