Bitcoin Mega Whales Continue Accumulating While Mid-Sized Holders Show Shift

On-chain data indicates increased buying activity among large Bitcoin investors, with varied responses from other holder cohorts.

Key Points

Glassnode's Accumulation Trend Score tracks buying and selling behavior across different wallet sizes.
A score above 0.5 indicates accumulation; below it suggests distribution.
The score was significantly low for all cohorts in February, signaling strong selling pressure.
Since then, there has been a rise in scores, particularly for holders of 10,000+ BTC, known as mega whales, whose score reached approximately 0.7.
Mid-sized holders (10 to 100 BTC) are nearing accumulation territory with a score of 0.5, indicating a potential shift in sentiment.

Current Bitcoin price is around $84,500, showing sideways movement.