Bitcoin Surges Past $120K, Highlighting Strengthening Accumulation Trends

Bitcoin Accumulation Gains Momentum as U.S. Investors Drive Bullish Sentiment

Bitcoin (BTC) has risen 10% this week, surpassing $121,000 on Thursday—the highest level since its record high on Aug. 14, according to CoinDesk data. Several wallet cohorts are shifting from distribution to accumulation for the first time since August, signaling renewed bullishness in the market.

The Accumulation Trend Score, which measures buying versus selling over a 15-day period, has climbed to 0.62, per Glassnode. With a neutral threshold of 0.5, this reading indicates that market participants are, on aggregate, looking to buy rather than sell. A score closer to 1 suggests stronger accumulation, while readings near 0 point to ongoing distribution.

Cohort Analysis

  • Wallets holding 100–1,000 BTC have shifted sharply into accumulation after distributing coins last week.
  • Holders of 10–100 BTC are also beginning to accumulate again.
  • Retail participants with less than 10 BTC have slowed selling and are showing early signs of buying activity.
  • Large whales with 10,000+ BTC continue to distribute, extending a trend in place since August.

Alongside these behavioral shifts, a bullish pattern has emerged in U.S. trading hours. From Monday through Thursday, Bitcoin gained consistently during U.S. sessions, rising roughly 8% in this period alone, according to Velo data.

The combination of renewed accumulation across mid- and small-sized wallets, alongside strong U.S. trading activity, points to sustained bullish momentum as Bitcoin eyes fresh highs.

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