On-chain data shows the largest of the Bitcoin whales have returned to distribution, a sign that could be bearish for the asset’s price.
Bitcoin Investors With More Than 10,000 BTC Are Selling Again
As explained by analyst James V. Straten in a new post on X, the BTC whales, who had earlier been in a phase of accumulation, have switched their behavior to that of distribution now.
The relevant indicator here is the “Trend Accumulation Score” from Glassnode, which keeps track of whether Bitcoin investors have been buying or selling during the past month. This metric finds this value by looking at the balance changes in the addresses of the holders.
The score also puts a higher weightage on the larger entities, meaning that the accumulation of a few large holders would be more significant for the indicator than the behavior of the smaller hands.
When the Trend Accumulation Score has a value close to 1, it means that there is a trend of net accumulation in the market right now. On th
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