Ecoinometrics - The Bitcoin on-chain accumulation score is warming up
Bitcoin on-chain accumulation report - May 2023
No doubt Bitcoin’s price action has been kind of dull over the past couple of months. No breakout, no volatility… queue some joke about BTC becoming a stable coin.
But if there is no real action in the price there is definitely some action behind the scenes. I’m talking about on-chain moves of course.
So let’s review what is the state of Bitcoin’s on-chain accumulation trends.
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The Bitcoin on-chain accumulation score is warming up
The takeaway
The main things to note about Bitcoin’s on-chain accumulation trends this month are:
The largest addresses have been distributing coins, big time. But it turns out to be mostly some reorganization towards slightly smaller addresses.
However overall there is a lot of stacking pressure coming from addresses of all sizes. That is making the accumulation score heat up.
Historically the current range for the accumulation score has been supportive of Bitcoin’s price but typically this does not lead to price explosions in the short term.
You can see a break down of the changes in coins controlled by the different address groups in the table below.
That’s a lot of warm colours. But let’s dig into what that means.
P.S. Don’t forget that you can check the Bitcoin on-chain accumulation dashboard at https://www.ecoinometrics.com/bitcoin-on-chain-accumulation/. It is updated with the latest on-chain data on a daily basis.
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