BTC’s Accumulation Trend Score, a metric tracking the activity of different BTC wallet cohorts, is nearing zero, indicating a rise in coin distribution by larger entities, as per Glassnode’s data. This metric gauges whether entities are buying or selling BTC. A score closer to one suggests accumulation, while a score nearer to zero implies distribution or lack of accumulation. Currently, BTC’s Accumulation Trend Score stands at 0.021, possibly influenced by the coin’s stagnant price movements and persistent resistance around $63,000.
Source: Glassnode
An on-chain analysis of BTC’s whale activity reveals a decline in accumulation by large wallet groups. Glassnode reports a decrease in the number of unique addresses holding at least 1k coins over the last 30 days, down by 0.1% to 2113 addresses presently. This reduction in whale accumulation mirrors a general decline in network activity, with a 27% drop in the number of unique addresses active in sending or receiving BTC. Additionally, new demand for BTC has dwindled, evidenced by a 35% decrease in the number of unique addresses appearing in BTC transactions for the first time during the same period.
Source: Glassnode
Despite the decline in active and new addresses trading BTC, exchange reserves of the cryptocurrency have surged. Currently, 2.33 million BTC are held on exchange addresses, marking a 1% increase in the last month. Such a rise in BTC’s exchange reserves typically indicates heightened sell-off activity. BTC’s inability to attract new demand while facing resistance at $63,000 may pose challenges for bulls in breaking above this level in the near term.
Source: Glassnode
As BTC's Accumulation Trend Score approaches zero and on-chain whale accumulation declines, coupled with a decrease in network activity and new demand, the surge in exchange reserves suggests a growing trend of sell-offs. With resistance persisting at $63,000, BTC bulls may encounter difficulties in gaining momentum amid a stagnant market.
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