At the start of February, bitcoin was trading around $80,000, with whales dipping their toes in while retail investors rushed for the exit. Barely a week later, bitcoin plunged to $60,000 on February 5, and the market is now showing a broad move toward accumulation across almost all cohorts as investors begin to see value.
This change follows one of the most serious capitulation events in Bitcoin history. Which now seems to be moving towards a more synchronized accumulation phase.
Glassnode’s accumulation trend score by cohort highlights this change in behavior. The metric measures the relative strength of accumulation in different wallet sizes by taking into account both the size of the entity and the amount of BTC accumulated over the last 15 days. A score closer to 1 indicates accumulation, while a score closer to 0 indicates distribution.
On an overall basis, the accumulation trend score by cohort has now risen above 0.5, reaching 0.68. This is the first time since late November that widespread accumulation has been observed, a period that previously coincided with Bitcoin forming a local bottom near $80,000.
The cohort showing the most aggressive buying down is wallets holding between 10 and 100 BTC, especially as prices have fallen as low as $60,000.
While it’s unclear whether the bottom has been reached, it’s clear that investors are once again finding value in bitcoin after a decline of more than 50% from its all-time high in October.
