- Bitcoin accumulation continued despite price declines.
- BTC has continued its decline for the third day in a row.
The period leading up to and following the approval of the spot Bitcoin ETF witnessed significant volatility, prompting discussions on price movements and holder behavior. Despite the price fluctuations, there has been continued accumulation of Bitcoin by various entities.
Bitcoin’s accumulation trend score hovers around one
An Analysis of the Bitcoin Accumulation Trend Score on Glasnode has shown remarkable consistency over the past four months. The score consistently hovered around one, reaching one each of these months.
This level of stability in the trend score is remarkable. It was the first time in years that it showed such consistency, as shown by the chart analysis.
Source: Glassnode
This consistent trend score takes on additional significance given the increased volatility seen in Bitcoin’s price during this period.
The accumulation trend score serves as an indicator that represents the proportional size of entities actively accumulating coins on-chain. A score closer to 1 suggests that on average larger entities or a significant portion of the network are accumulating Bitcoin.
Bitcoin in Profits and Holders Declines Despite Accumulation
A survey of the total number of Bitcoin holders via Santiment found that this figure consistently remained above 52 million.
However, there has been a slight decline in recent days. Around January 21, the number dropped from about 52.9 million to about 52.4 million. As of the current moment, this measure has stabilized at the level of 52.4 million.
Source: Santiment
Moreover, a review of the earnings offer showed a notable decline. The graph showed that the supply of profit on January 30 was more than 17 million.
By the end of January 31, this number had fallen to approximately 16 million. At the time of writing this article, the figure stands at 16.1 million. This decrease also corresponds to a decrease in the profit percentage of the offering, from approximately 86.7% to approximately 82%.
How much are 1,10,100 BTCs worth today?
BTC is dancing on its neutral line
Analysis of Bitcoin on a daily time frame showed a trend of decline over the past three days. Despite these declines, the decline has been less than 1% each day and Bitcoin has managed to stay above the $42,000 mark.
At the time of writing, the stock was trading around $42,200, down less than 1%. Moreover, the slight declines have pushed Bitcoin slightly below the neutral line of its Relative Strength Index (RSI).
Source: trading view