Most of the segments of holders of BTC are accumulating, now that the price of bitcoin has returned to USD 40,000, says Ecoinometrics in its latest report on the market of bitcoin.
At the same time, the whales continue with an intense pace of accumulation, which reinforces the bullish sentiment . “So if we interpret that in terms of market sentiment, we could say that everyone seems to be sure that prices should go up more from there,” the study notes.
In the The following graph shows the accumulation index of five segments of holders of bitcoin. The whales, from 1,000 to 10,000 BTC, followed by the segments from 100 to 1,000 BTC, from 10 to 100 BTC, from 1 to 10 BTC and the holders with less than 1 BTC.
Each segment shows its supply change level in 30-day periods. Blue hues show when supply decreases, and orange hues show when supply increases , which implies accumulation.
The blue areas in the graph correspond to the moments when the corresponding cohort has stopped accumulating. It can be seen in the graph that in the month of July all the segments are accumulating, and the whales with greater intensity .
Distribution of bitcoin in the segments of holders
The study shows the distribution of currencies in the different segments . The following graph shows that whales control a little over 5 million BTC (22%), while little fish (less than 1 BTC) control 1 million BTC (5.3%).
To separate which category is accumulating at any given time, a participation score is assigned to each category , according to the previous distribution, indicates the study. For example, if only the small holders are accumulating at a certain moment, the participation score is 0.05 or 5%, according to the study. When there is more than one category accumulating, the respective percentages are added.
In the following price graph, the color of each point indicates the category or categories that are accumulating: blue for small holders , even bright orange when everyone is accumulating.