There is no Bitcoin rally on-chain

Bitcoin on-chain accumulation report, November 2023

Bitcoin has experienced a big rally over the past few months. But there isn't much excitement about all that on-chain. 

Actually our on-chain accumulation score is telling the exact opposite.

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There is no Bitcoin rally on-chain

The takeaway

The on-chain accumulation score isn't the alpha and omega of price prediction. But it is a decent tool when it comes to sniffing the mood of Bitcoin hodlers on-chain.

And the story is that as Bitcoin's price is rising, most cohorts of wallets aren't trying hard to stack more sats.

What that shows is a there isn't a lot of support on-chain for Bitcoin's price to continue moving higher. And everything else being equal, the probability that Bitcoin declines in value within 30 days is higher than usual.

Once more, the ETF narrative is driving the price action, but there isn't a deeper trend.

The accumulation score is getting ice cold