Accumulation Trend Heatmap Cohort measures BTC accumulation versus distribution, making it an essential metric for assessing onchain sentiment.
The current overview for each cohort is:
🐋 Largest Whales (>100k BTC): Distributed BTC between March and May 2024, accumulating again between July and early August. However, they have shown a gradual decrease in interest in accumulating BTC since then.
🐳 Whales (10k-100k BTC): Have been distributing a significant amount of BTC since mid-July.
🦈 Sharks (1k-10k BTC): Distributed their coins between May and August, and have now resumed accumulation, though at a modest pace.
🐬 Dolphins (100-1k BTC): This is the category that has been accumulating the most BTC, with intensified activity since early August.
🐟 Addresses with less than 100 BTC: Have shown neutral behavior compared to 60 days ago, indicating low activity from this category. These addresses are typically associated with small miners, small businesses, funds, and retail investors.
Since 2023, the addresses of Sharks (1k-10k BTC) have shown the highest correlation with Bitcoin’s price, with a correlation of 0.862. Monitoring this category can provide a clear summary of the sentiment among the market's key investors.
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