According to the latest Glassnode data, it is clear that the number of wallets holding between 0 and 1 BTC and the number of wallets holding more than 10,000 BTC have been going up a lot over the last 15 days. But before everyone gets excited and calls it the start of a synchronized bull run, there’s a catch.
This metric, called the “Trend Accumulation Score,” does not track live behavior. It is all smoothed over a two-week period, so a lot of it is already history.
It looks like the behavior we are seeing started during the pullback at the end of July, when Bitcoin went down from around $117,000 to about $110,000.
But it is interesting that two very different types of holders — one group made up of casual retail wallets, the other of treasury-scale players — responded to that dip the same way: they bought it. They did this consistently across the entire 15-day period, as you can see from the dense red clusters across both groups.
What about so-called “sharks?”
In the meantime, mid-sized wallets — from 1 BTC to 100 BTC — did not seem as committed. The exposure was adjusted in some cases, while others remained unchanged. This kind of split behavior is not uncommon, but it does make one wonder about the strength of the conviction.
When the middle sits out and the ends lean in, it is usually a sign of uneven confidence — or that something bigger is on the way.
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Bitcoin is currently trading at just under $113,000, and the price is staying within a pretty tight range. The dip was clearly bought — that much is fact. But whether that energy spills forward, or runs out as the lag catches up, is still up for speculation.