{"id":529932,"date":"2023-05-04T20:00:32","date_gmt":"2023-05-04T20:00:32","guid":{"rendered":"https:\/\/ktsl888.com\/?p=529932"},"modified":"2024-06-11T07:59:33","modified_gmt":"2024-06-11T07:59:33","slug":"bitcoin-mega-whales-opposite-rest-market-glassnode","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin-mega-whales-opposite-rest-market-glassnode\/","title":{"rendered":"Bitcoin Mega Whales Are Moving Opposite To Rest Of Market: Glassnode"},"content":{"rendered":"

On-chain data from Glassnode shows the largest Bitcoin whales have been showing the opposite behavior to what other investors have been doing.<\/p>\n

Bitcoin Market Is Observing A Moderate Distribution Phase Currently<\/h2>\n

According to data from the on-chain analytics firm Glassnode<\/a>, the behavior of the largest BTC whales has once again deviated from the rest of the market. The relevant indicator here is the “Trend Accumulation Score<\/a>,” which tells us whether Bitcoin investors are buying or selling.<\/p>\n

There are mainly two factors that the metric accounts for to find this score: the balance changes taking place in the holders’ wallets and the size of the investors making such changes. This means that the larger the investor making a buying or selling move, the larger their weightage in the Trend Accumulation Score.<\/p>\n

When the value of this metric is close to 1, it means that the larger holders in the sector are accumulating right now (or a huge number of small investors are displaying this behavior). On the other hand, the indicator has a value near the zero mark suggesting the investors are currently displaying a distribution trend.<\/p>\n

Related Reading: Why Is Bitcoin And Crypto Up Today?<\/a><\/div>\n

This indicator is generally defined for the entire market but can also be used on specific investor segments. In the below chart, Glassnode has displayed the data for the Bitcoin Trend Accumulation Score of the various holder groups in the market.<\/p>\n

\"Bitcoin<\/p>\n

The value of the metric seems to be red for most of the market right now | Source: Glassnode on Twitter<\/a><\/pre>\n
Here, the investors in the market have been divided into six different cohorts based on the amount of BTC that they are carrying in their wallets: under 1 BTC, 1 to 10 BTC, 10 to 100 BTC, 100 to 1,000 BTC, 1,000 to 10,000 BTC, and above 10,000 BTC.<\/p>\n
From the above graph, it’s visible that the Trend Accumulation Score for all these groups had a value of about 1 at the bear market lows following the November 2022 FTX crash<\/a>, suggesting that the market as a whole was participating in some heavy buying back then.<\/p>\n
This accumulation continued until the rally<\/a> arrived in January 2023, when the market behavior started shifting. The holders began distributing during this period, selling especially heavily between February and March. Following this sharp distribution, the rally lost steam, and the price plunged below $20,000.<\/p>\n
However, these investors once again started to accumulate as the price sharply recovered and the rally restarted. Though, this time, the accumulation was only moderate.<\/p>\n
Interestingly, while the behavior in the market had been more or less uniform in the months leading up to this new accumulation streak (meaning that all the groups had been buying or selling at the same time), this new accumulation streak didn’t have the largest of the whales (above 10,000 BTC group) participating. Instead, these humongous investors were going through a phase of distribution.<\/p>\n
Related Reading: Bitcoin Up After Fed Rate Reveal, Correlation With Stocks Over?<\/a><\/div>\n
Since Bitcoin broke above the $30,000 level in the middle of April 2023, the investors have again been selling, showing moderate distribution behavior.<\/p>\n
Like the accumulation phase preceding this selling, the above 10,000 BTC whales haven’t joined in with the rest of the market; they have rather been aggressively accumulating and expanding their wallets. These holders seem to have decided to move in the opposite direction of the general market.<\/p>\n
BTC Price<\/h2>\n
At the time of writing, Bitcoin is trading around $28,900, up 1% in the last week.<\/p>\n
\"Bitcoin<\/p>\n
BTC has declined below $29,000 again | Source: BTCUSD on TradingView<\/a><\/pre>\n
Featured image from R\u00e9mi Boudousqui\u00e9 on Unsplash.com, charts from TradingView.com, Glassnode.com<\/div>\n","protected":false},"excerpt":{"rendered":"
On-chain data from Glassnode shows the largest Bitcoin whales have been showing the opposite behavior to what other investors have been doing. Bitcoin Market Is Observing A Moderate Distribution Phase Currently According to data from the on-chain analytics firm Glassnode, the behavior of the largest BTC whales has once again deviated from the rest of the market. The relevant indicator here is the “Trend Accumulation Score,” which tells us whether Bitcoin investors are buying or selling. There are mainly two factors that the metric accounts for to find this score: the balance changes taking place in the holders’ wallets and the size of the investors making such changes. This means that the larger the investor making a buying or selling move, the larger their weightage in the Trend Accumulation Score. When the value of this metric is close to 1, it means that the larger holders in the sector are accumulating right now (or a huge number of small investors are displaying this behavior). On the other hand, the indicator has a value near the zero mark suggesting the investors are currently displaying a distribution trend. Related Reading: Why Is Bitcoin And Crypto Up Today? This indicator is generally defined for the entire market but can also be used on specific investor segments. In the below chart, Glassnode has displayed the data for the Bitcoin Trend Accumulation Score of the various holder groups in the market. The value of the metric seems to be red for most of the market right now | Source: Glassnode on Twitter Here, the investors in the market have been divided into six different cohorts based on the amount of BTC that they are carrying in their wallets: under 1 BTC, 1 to 10 BTC, 10 to 100 BTC, 100 to 1,000 BTC, 1,000 to 10,000 BTC, and above 10,000 BTC. From the above graph, it’s visible that the Trend Accumulation Score for all these groups had a value of about 1 at the bear market lows following the November 2022 FTX crash, suggesting that the market as a whole was participating in some heavy buying back then. This accumulation continued until the rally arrived in January 2023, when the market behavior started shifting. The holders began distributing during this period, selling especially heavily between February and March. Following this sharp distribution, the rally lost steam, and the price plunged below $20,000. However, these investors once again started to accumulate as the price sharply recovered and the rally restarted. Though, this time, the accumulation was only moderate. Interestingly, while the behavior in the market had been more or less uniform in the months leading up to this new accumulation streak (meaning that all the groups had been buying or selling at the same time), this new accumulation streak didn’t have the largest of the whales (above 10,000 BTC group) participating. Instead, these humongous investors were going through a phase of distribution. Related Reading: Bitcoin Up After Fed Rate Reveal, Correlation With Stocks Over? Since Bitcoin broke above the $30,000 level in the middle of April 2023, the investors have again been selling, showing moderate distribution behavior. Like the accumulation phase preceding this selling, the above 10,000 BTC whales haven’t joined in with the rest of the market; they have rather been aggressively accumulating and expanding their wallets. These holders seem to have decided to move in the opposite direction of the general market. BTC Price At the time of writing, Bitcoin is trading around $28,900, up 1% in the last week. BTC has declined below $29,000 again | Source: BTCUSD on TradingView Featured image from R\u00e9mi Boudousqui\u00e9 on Unsplash.com, charts from TradingView.com, Glassnode.com<\/p>\n","protected":false},"author":542,"featured_media":529959,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,83982,83979,19064,1119,1144,61309],"class_list":["post-529932","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-accumulation","tag-bitcoin-distribution","tag-bitcoin-whales","tag-btc","tag-btcusd","tag-glassnode"],"acf":[],"yoast_head":"\nBitcoin Mega Whales Are Moving Opposite To Rest Of Market: Glassnode<\/title>\n<meta name=\"description\" content=\"On-chain data from Glassnode shows the largest Bitcoin whales have been showing the opposite behavior to 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.","sameAs":["https:\/\/www.linkedin.com\/in\/keshavverma29\/","https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29"],"url":"https:\/\/ktsl888.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Mega Whales Are Moving Opposite To Rest Of Market: Glassnode","url":"http:\/\/ktsl888.com\/news\/bitcoin-mega-whales-opposite-rest-market-glassnode\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/ktsl888.com\/news\/bitcoin-mega-whales-opposite-rest-market-glassnode\/"},"thumbnailUrl":"https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/05\/remi-boudousquie-b0s5l-7CMYU-unsplash-scaled.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/05\/remi-boudousquie-b0s5l-7CMYU-unsplash-scaled.jpg?fit=2560%2C1440"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Keshav Verma"}],"creator":["Keshav Verma"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin accumulation","bitcoin distribution","bitcoin whales","btc","btcusd","glassnode"],"dateCreated":"2023-05-04T20:00:32Z","datePublished":"2023-05-04T20:00:32Z","dateModified":"2024-06-11T07:59:33Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Mega Whales Are Moving Opposite To Rest Of Market: Glassnode\",\"url\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/bitcoin-mega-whales-opposite-rest-market-glassnode\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/bitcoin-mega-whales-opposite-rest-market-glassnode\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2023\\\/05\\\/remi-boudousquie-b0s5l-7CMYU-unsplash-scaled.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2023\\\/05\\\/remi-boudousquie-b0s5l-7CMYU-unsplash-scaled.jpg?fit=2560%2C1440\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Keshav Verma\"}],\"creator\":[\"Keshav Verma\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin accumulation\",\"bitcoin distribution\",\"bitcoin whales\",\"btc\",\"btcusd\",\"glassnode\"],\"dateCreated\":\"2023-05-04T20:00:32Z\",\"datePublished\":\"2023-05-04T20:00:32Z\",\"dateModified\":\"2024-06-11T07:59:33Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/ktsl888.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/05\/remi-boudousquie-b0s5l-7CMYU-unsplash-scaled.jpg?fit=2560%2C1440","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/529932"}],"collection":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/users\/542"}],"replies":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/comments?post=529932"}],"version-history":[{"count":0,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/529932\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media\/529959"}],"wp:attachment":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media?parent=529932"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/categories?post=529932"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/tags?post=529932"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}