Bitcoin investors turn into a strong distribution with the disappearance of the request, it reveals Glassnode
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Glassnode revealed in a report on a report on how bitcoin investors have witnessed a recent shift.
The degree of bitcoin accumulation was at a low level recently
In the latest weekly report, Glassnode I talked about the latest trend in the degree of bitcoin accumulation. “The degree of accumulation” is an indicator that tells us about the degree of accumulation in which investors participate in BTC as a whole.
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The index calculates its value not only by looking at the balance changes that occurred in the governor of investors during the past month, but also by the weight of the changes mentioned against the size of the holdings themselves.
When the value of the scale is close to 1, this means that adult investors (or a large number of small entities) add to their property. On the other hand, it is near 0 indicates that the market monitors the distribution, or simply the lack of accumulation.
Now, here is the graph that the analysis company shares, which shows the trend in the degree of bitcoin accumulation over the past two years:
In the graph, dark shades are compatible with accumulation values, while light for distribution. It is clear that the market was witnessing the degree of accumulation of trend sitting in a very dark shadow during the past two months of 2024, which means that heavy accumulation was happening
This strong accumulation is likely to be a large entity, which has fueled the high prices to the highest levels (ATHS). A similar stage of purchase was seen during the first quarter of 2024, and the assets enjoyed a footnote after that.
From the graph, it is clear that this previous period of accumulation was followed by a stage of strong distribution. It seems that a similar pattern has also appeared this time, as the degree of accumulation has been flashing the distribution values since January.
Last year, the distribution stage began a long period of monotheism for Bitcoin, but this time, the cryptocurrency witnessed a significant decrease. It is possible that as long as the degree of accumulation remains in this region, the currency price will continue to suffer.
While the degree of accumulation is a useful indicator to measure the direction that the market follows as a whole, the scale can hide granular details related to market behavior. Glassnode shared another scale in the report, which contains these details by looking at the amount of purchase that happened in other levels of the cost.
With the highlight of the analysis company in the scheme, bitcoin investors were buying “Dip” when BTC entered for the first time at this downtime, which means that they still believe that the bull is running.
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However, this was not the case during the last accident, as these price levels still do not host the cost of any important part of the offer.
BTC price
Bitcoin decreased less than $ 77,000 earlier this week, but the original has achieved some recovery because its price has now returned to 82,500 dollars.
Distinctive image from Dall-I, Glassnode.com, Chart from TradingView.com
