Onchain
Highlights

DEFINITION:

The
Accumulation
Trend
Score
is
an
indicator
that
reflects
the
relative
size
of
entities
that
are
actively
accumulating
coins
on-chain
in
terms
of
their
BTC
holdings.
The
scale
of
the
Accumulation
Trend
Score
represents
both
the
size
of
the
entities
balance
(their
participation
score),
and
the
amount
of
new
coins
they
have
acquired/sold
over
the
last
month
(their
balance
change
score).
An
Accumulation
Trend
Score
of
closer
to
1
indicates
that
on
aggregate,
larger
entities
(or
a
big
part
of
the
network)
are
accumulating,
and
a
value
closer
to
0
indicates
they
are
distributing
or
not
accumulating. 

Bitcoin’s
accumulation
trend
score
reveals
significant
insights
into
market
participants’
behavior.
Historical
data
from
Glassnode
highlights
evolving
accumulation
patterns.
Early
stages
in
2015
and
2016
show
sporadic
accumulation,
reflecting
cautious
investor
approaches.
Significant
accumulation
began
during
the
2017
bull
run,
driven
by
rising
prices
and
increased
mainstream
attention.

 

The
2018
and
2019
bear
market
saw
decreased
accumulation,
indicating
distribution
and
lower
confidence.
However,
2020
and
2021
marked
a
rise
in
accumulation,
particularly
in
response
to
economic
uncertainty
during
the
COVID-19
pandemic,
with
notable
institutional
purchases
from
entities
like
MicroStrategy
and
Tesla.
In
2021,
the
score
spiked
during
the
bull
run,
peaking
with
new
all-time
highs,
followed
by
a
period
of
distribution
as
the
market
corrected.

From
mid-2023
through
mid-2024,
there’s
a
notable
increase
in
accumulation,
especially
pre-April
2024
halving,
entities
appeared
to
be
strategically
increasing
their
holdings.