Key Points
- Bitcoin’s Accumulation Trend Score has dipped, indicating a decrease in active accumulation.
- Despite a decrease in whale holdings, the number of Bitcoin holders has increased.
Bitcoin’s Accumulation Trend Score, a measure of the size of entities actively accumulating coins, has shown a significant shift. The score is currently around zero, one of its lowest points in recent times.
The score serves as an indicator of the relative size of entities actively accumulating coins on-chain, measured by their Bitcoin holdings. A score closer to 1 indicates larger entities or a significant portion of the network are accumulating, while a score closer to 0 suggests distribution or lack of accumulation.
Whale Holdings and Accumulation
Data analysis has shown a decrease in the holdings of Bitcoin whales. These addresses have declined from close to 3% to around 2.8%. However, not all whale addresses are distributing their holdings. Some addresses are showing signs of active accumulation.
Despite the distribution observed from whale addresses, the total number of Bitcoin holders has grown. The current number of Bitcoin holders is 53.68 million, suggesting an addition of approximately 1 million holders since April 1st. This suggests that the accumulation of Bitcoin has not seen a significant decline.
Bitcoin’s Current Market Position
At the time of writing, Bitcoin was attempting to maintain the $66,000 price level. It was trading at around $66,600, reflecting a less than 1% increase. The Relative Strength Index (RSI) indicated a weak bull trend, revealing a slight ascent above the neutral line when the price surged by around 2.7% on April 22nd.
