Bitcoin No Longer Has Consensus: Whales Accumulate, Sharks Withdraw - What Is Happening?

In a recent post on X, the blockchain analytics company Glassnode discussed how BTC investor groups do not exhibit unified behavior on the Accumulation Trend Score. The Accumulation Trend Score refers to an indicator that essentially tells us whether Bitcoin holders are accumulating or not. This indicator is based on the value of two factors: the change in balance occurring in investors' wallets and the size of those wallets. When the value of the indicator is greater than 0.5, it means that large holders ( or a large number of small holders ) are tending to accumulate net. The closer the score is to 1.0, the stronger the buying power. On the other hand, figures below the threshold indicate that investors are in a distribution phase ( or simply not accumulating ). This behavior is strongest at zero. Below is the chart of the Accumulation Trend Score shared by Glassnode, showing the trends in separate data for different groups of holders:

As shown in the chart above, the Accumulation trend point has recently changed value among these groups. Investors holding from 1 to 10 BTC seem to be distributing, while those holding from 10 to 100 BTC are accumulating. Among large holders, the trend leans more towards neutrality, but indicators have yet to show any clear consensus. Members of the 1,000 to 10,000 coin group, often referred to as whales, are currently trending towards accumulation, while members of the 10,000+ group, 'big whales', are showing slight distribution. According to the analysis company, the overall network accumulation trend score is 0.57. Thus, it seems that there are no behaviors being followed by traders at this time. Nevertheless, while a unified buying wave has yet to appear alongside the latest price increase to 108,000 dollars, there is still an improvement in the score. According to the analysis company, the indicator has dropped to a previous low of 0.25. However, we still have to wait and see whether Bitcoin investors will continue to follow this trend, or if the hesitation will last for a while longer. Bitcoin has attempted to break through the $108,000 level previously, but so far, this asset has not been able to maintain a sustainable upward momentum, and the price has even been rejected at $107,100.