Mega Whales Accumulate Bitcoin, Score Reaches 0.7

On-chain data reveals that the largest Bitcoin investors have continued to accumulate the cryptocurrency recently. This trend is particularly notable among the "mega whales," who hold more than 10,000 BTC. According to the on-chain analytics firm, the Accumulation Trend Score for these mega whales has reached around 0.7, indicating a strong accumulation behavior.

The Accumulation Trend Score is an indicator that assesses whether Bitcoin investors are buying or selling. It considers both the balance changes in wallets and the size of the holdings, giving more weight to changes involving large investors. A score greater than 0.5 suggests accumulation, while a score below 0.5 indicates distribution or lack of accumulation.

While the mega whales have been actively accumulating, other cohorts in the Bitcoin market have shown varying behaviors. Mid-sized holders, those with 10 to 100 BTC, have eased up on their distribution and are close to entering the accumulation territory with a score of 0.5. This suggests a possible shift in sentiment among these mid-sized holders, who are often referred to as "whales."

Other cohorts, such as those with 100 to 1,000 BTC and those with less than 10 BTC, have also reduced their distribution but have not yet entered the accumulation phase. The overall market-wide distribution has cooled down since the selloff in February, but the mega whales have been the most active in accumulating Bitcoin.

It remains to be seen whether the trend of increasing accumulation will continue and if other cohorts will follow the lead of the mega whales. The behavior of these large investors often sets the tone for the rest of the market, and their continued accumulation could signal a bullish sentiment for Bitcoin.