Bitcoin
is on the right track to record its lowest monthly performance in one year in the middle of a confusing mixture of constant FNB dishes and chain sales signs by whales and small wallets.
During the editorial staff, BTC changed hands at around $ 107,000, up 2% for the month, according to Coindesk data. It’s the smallest monthly gain since last July.
The action of the Dour price seems confusing while the funds negotiated on the US stock market (ETF) continued to see a strong adoption, recording $ 3.9 billion in net entries in consecutive weeks. In addition, the adoption of the business treasury continues at a lively pace in the world.
Sale of whales
However, data on the chain from Glassnode, in particular a key metric called the accumulation trend score, which breaks down the behavior of different wallet cohorts, does not paint a pink table.
The metric measures the relative resistance of the accumulation for each cohort as a function of the size of the entities and the quantity of BTC acquired in the last 15 days. A value closer to 1 suggests that participants in this cohort accumulate parts, while a value closer to 0 distribution signals. Entities such as exchanges and minors are excluded from this calculation.
Currently, holders with sales between 10 and 10,000 BTC are in accumulation mode, although their behavior fluctuates between purchase and sale, indicating that they are more opportunistic traders rather than buyers or coherent sellers. Conversely, whales with 10,000 BTC or more lean slightly to the distribution of their assets, while small holders are also net sellers.
Consolidation phase
Between January and April 2025, all the cohorts were sold mainly, but the accumulation resumed once Bitcoin is basically in April near the level of $ 76,000. Now the asset seems to have entered another consolidation phase.
In his last report “Week on the channel”, Glassnode suggests that for -profit activity is starting to slow down. The profits made reached $ 650 billion in this cycle, compared to $ 550 billion in the previous cycle. Glassnode attributes this trend to a market recharge time, further emphasizing the current consolidation period.
