The Bitcoin Accumulation Trend Score heatmap reveals that larger Bitcoin holders (1-10k BTC) have been distributing their coins, suggesting profit-taking behavior at near all-time high prices. Conversely, smaller holders (less than 1 BTC), often referred to as retail addresses, have shown consistent accumulation, indicating a strong belief in Bitcoin's long-term value.

Interestingly, addresses holding more than 10k BTC have also shown recent accumulation, although many of these belong to exchanges. It's common to see smaller address reserves migrating to larger exchange addresses.

To complement this analysis, the "Bitcoin: Accumulation vs. Distribution by All Cohorts (60D)" chart can be used to evaluate the 60-day variation in Bitcoin supply by cohort, providing deeper insight into the sentiment and behavior of different groups of holders.

These indicators offer a comprehensive understanding of how Bitcoin supply is managed, from retail investors to major market players. By analyzing these trends, we can gain valuable insights into market sentiment and potential future price movements.