According to Glassnode statistics, the value of Bitcoin has lately increased significantly, putting over 83% of the digital currency into lucrative zone in the cryptocurrency market. This adjustment was made when Bitcoin crossed over $37,000 last week.
Accumulation across the board
The recent surge in Bitcoin has resulted in a noticeable shift in investor behaviour. Unlike the previous rallies of 2023, the Accumulation Trend Score, which employs a 7-day Simple Moving Average to improve data clarity, displays a strong accumulation trend.
The chart’s dark colours clearly show this tendency, which is consistent with a robust accumulation regime and a 39% price rise over the previous month. All investor cohorts have seen a notable increase in holdings since late October, according to a thorough examination of various wallet sizes. This is in contrast to the net outflows observed for a large portion of 2023 in many cohorts.
This bullish view is mostly due to the market’s excellent performance and the expectation of a spot Bitcoin ETF.
Persistent optimism
83% of the entire circulating quantity of Bitcoin is now held in profit because to the recent spike in price; this figure is far higher than the all-time norm of 74%.
This level is getting close to the higher 90% standard deviation band, which is sometimes linked to the “Euphoric phase” of a bull market’s early phases.
Tuesday’s announcement of the DOJ’s enforcement actions against Binacne and Chanpeng Zhao’s resignation caused volatility in the cryptocurrency markets. But Bitcoin continues to float over $37,000.
