Bitcoin super whales remain aggressive accumulators, retail sells

Hull Invest

Glassnode data analyzed by crypto slate We see divergence between superwhales and retail, with the former remaining in aggressive accumulation mode heading into the new year.

Bitcoin Cumulative Trend Score

The Accumulation Trend Score (ATS) looks at the relative size of entities that are actively accumulating or distributing their Bitcoin holdings.

The ATS metric uses a spectrum from 0 to 1. A reading closer to 0 indicates a distribution or sale. A score close to 1 indicates accumulation or purchase.

Analysis of the chart below showed that even though the Bitcoin price reacted negatively to the news, significant accumulation occurred during the FTX collapse around early November 2022.

This suggests that investors as a whole found value in buying at a discounted price.

Since then, the ATS has become more neutral and distributionally biased, reflecting lingering macro uncertainty towards 2023.

Bitcoin\; cumulative propensity score

Cohort analysis

The cohort analysis graphically depicts the accumulation and distribution across six cohorts, ranging from minnows with less than 1 BTC to super whales with over 10,000 BTC.

All cohorts were actively accumulating as the FTX saga exploded. This consistent trend ended around mid-December 2022 when whales (entities holding between 1,000 and 9,999 BTC) began distributing in large numbers.

Changes in whale sentiment extended to other cohort groups, but to a lesser extent. Conversely, from this period to the present, superwhales have remained substantial net accumulators.

Bitcoin Cumulative Trend Score by Cohort

Number of Mega-Whale Addresses

Analysis of the Bitcoin Mega-Whale Address Count Balance showed that entities with over 10,000 BTC surpassed 120 addresses at the end of last year. This included his 30-day change of over 20 additional addresses, marking the fastest growth rate since 2018.

Coupled with the chart above detailing the accumulation of aggressive superwhales, it’s fair to conclude that smart money investors bought the dip.

Bitcoin: Megawhale address count balance
Posted In: Bitcoin, Research

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