In early February, Bitcoin was trading around $80,000, with whales testing the waters while retail investors retreated. Just a week later, Bitcoin plummeted to $60,000 on February 5, and the market is now showing a broad accumulation trend across nearly all categories as investors begin to see value.
The change comes on the heels of one of the worst capitulations in Bitcoin history. What appears to be evolving now is a more synchronized phase of accumulation.
Glassnode’s cumulative trend scores by group highlight this behavioral shift. This metric measures the relative strength of accumulation by different wallet sizes by taking into account entity size and the amount of BTC accumulated over the past 15 days. Scores close to 1 indicate accumulation, while scores close to 0 indicate distribution.
Overall, the cumulative trend score for each group has now climbed above 0.5, reaching 0.68. This marks the first broad-based accumulation since late November, which previously coincided with Bitcoin forming a local bottom near $80,000.
Wallets holding 10 to 100 BTC showed the most aggressive dip buying, especially as the price dropped to $60,000
While it remains uncertain whether a bottom has finally been reached, it is clear that investors are once again discovering value in Bitcoin after it fell more than 50% from its all-time high in October.
