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.