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Bitcoin Metric Indicates Market Shift To Accumulation

BTC Accumulation Trend Score reached maximum value of 1.0, signalling significant accumulation

Rada Mateescu by Rada Mateescu
August 16, 2024
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Summary

  • Bitcoin Accumulation Trend Score shows a market shift to accumulation.
  • 25% of the total available BTC supply was purchased at the price level of $73,000 – $58,000.

According to the latest reports coming from Glassnode, the Bitcoin Accumulation Trend Score (ATS) shows a market shift back to accumulation.

ATS reached its maximum value of 0.1 which signals important accumulation over the past month.

Glassnode via X
Glassnode via X

Also, CryptoQuant author, Axel Adler shared a post via X, noting that 24% of the total available Bitcoin supply was purchased at the price level of $73,000 – $58,000.

According to him, this represents a quarter of the total Bitcoin market capitalization, meaning approximately $300 billion.

CryptoQuant via X
CryptoQuant via X

Bitcoin Trades Above $58,000

Regarding Bitcoin’s price today, at the moment of writing this article, BTC is trading above $58,000, up by 0.6% today.

On August 15, the price of BTC dropped below $57,000, ahead of a bounce back.

BTC price in USD today
BTC price in USD today

According to new reports, the Bitcoin Active Address Sentiment Indicator (AASI) is now close to crossing beneath the lower deviation, which would show that the BTC price is potentially oversold, considering our current network activity.

CryptoQuant’s author also noted that this was a boring week, the same as the boring month and quarter, but it still looks decent on an annual basis. He also made a joke, noting that Jerome Powell should turn on the money printer in the US.

Drop in Demand for Short-Term Holders

Also, he noted that the good news is that during this bull cycle, the drop in demand for coins among short-term holders has significantly decreased by more than 6 times, which shows a more stable asset retention.

According to his notes, the metric is currently neutral.

BTC STH holder supply
BTC STH holder supply

Overall, Bitcoin remains surrounded by optimism, especially since the latest reports reveal an intense trend in institutional adoption based on the latest inflows in Bitcoin ETFs.

Recently, Morgan Stanley revealed positions in BlackRock’s Bitcoin ETF, IBIT. Also, Goldman Sachs disclosed fund shares in Bitcoin ETFs.

Tags: Bitcoin (BTC)

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Bitcoin (BTC)
Rank: 1
$ 104,844.09
Price (BTC)
Ƀ1.00000000
Marketcap
$ 2.08 T
Volume
$ 38.97 B
24h Change
1.39%
Total Supply
19.87 M BTC

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