The on-chain analytics firm Glassnode has explained why the current Bitcoin rally is looking different from the last two surges of this year.
Bitcoin Has Seen Aggressive Accumulation Throughout The Latest Rally
According to the latest weekly report from Glassnode, BTC has seen some heavy accumulation recently. The indicator of interest here is the “accumulation trend score,” which keeps track of the accumulation and distribution behavior among Bitcoin investors during the past 30 days.
The metric checks for this behavior by not only considering the balance changes happening in the wallets of the holders but also by taking into account the relative size of the investors.
When the value of this indicator is leaning toward 1, it means that the large investors have been accumulating and/or a significant number of small investors have been accumulating. On the other hand, the metric being close to the 0 mark suggests the market has been observing distribution from the holders.
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