Key Points:
- Glassnode data indicates major accumulation by firms holding over 10,000 BTC.
- CryptoQuant reported the highest outflow of BTC from exchanges in two years, highlighting a trend towards long-term holding.
The price of Bitcoin (BTC) has rebounded to $94,000 after dipping below $75,000 earlier this month. This surge is attributed to large investors, known as whales, who are actively purchasing Bitcoin from the market, solidifying the upward trend.
The increasing demand from these whales is highlighted in Glassnode’s proprietary Accumulation Trend Score, which gauges the relative size of entities that are actively increasing their coin holdings on-chain. A score of 1 denotes overall accumulation, while values closer to zero indicate otherwise.
On Thursday, wallets holding over 10,000 BTC were recorded with an accumulation score of 0.90, while those with between 1,000 and 10,000 BTC scored 0.7. Smaller wallets also showed signs of accumulation with a score of 0.5.
“So far, large players have been buying into this rally,” noted Glassnode on X.
Additionally, CryptoQuant’s findings suggest that there has been a significant outflow of BTC from centralized exchanges—representing the highest in two years based on the 100-day moving average. This trend points to a potential re-accumulation by investors, suggesting a preference for holding assets directly rather than through exchanges.
