Glassnode data show that all portfolio cohorts have returned to distribution mode, with a net bitcoin sale, depending on the breaking of the accumulation trend score by the portfolio cohort.
This metric disintegrates the accumulation trend score to show the relative behavior of different portfolio groups. It measures the resistance of the accumulation for each equilibrium size as a function of the size of the entities and the volume of parts acquired in the last 15 days. (For more details on the methodology, consult this entrance to the academy.)
- A value closer to 1 accumulation signals by this cohort.
- A value closer to 0 distribution of signals.
Exchanges, minors and other similar entities are excluded from the calculation.
Currently, all cohorts, portfolios having less than a bitcoin to those who hold more than 10,000, are net sellers. This follows the gathering last week, when some whales – including the cohorts 10-100 BTC and 1,000 to 10,000 BTC bought. They have since returned to sale.
Bitcoin recently oscillated nearly $ 117,000 after the negotiation session in Asia pushed it from $ 115,000 during the weekend. In the past three months, Asia has systematically led Bitcoin about 10% higher, according to VELO data. On the other hand, the European negotiation session has been marked by withdrawals, which have been seen on Monday so far. In addition, Bitcoin is down more than 10% on the EU market in the last three months.
Overall, the market remains in consolidation, a trend likely to persist until September. On current data, the $ 107,000 marked in early September always seem to be the most likely the bottom.
