Sentiment in the crypto industry can change quickly.
As per Glassnode -Data all Bitcoin
Wallet -Cohorts are currently in some form of distribution. The score of accumulation trend (ATS)Degraded by the wallet shoe shirt, helps to measure the relative strength of accumulation or distribution across unit sizes.
This metric evaluates accumulation strength by considering both the size of the units and the amount of Bitcoin acquired over the past 15 days.
- A score closer to 1 indicates accumulation.
- A score closer to 0 indicates distribution.
Exchange, miners and certain other units are excluded from the calculation.
At present, from large holders with more than 10,000 BTC to small wallets holding less than 1 BTC, all cohorts appear to be in distribution. This marks a sharp turn from just over a week ago as all groups were in accumulation mode as Bitcoin reached new ones all the time over $ 124,000.
The current distribution phase reflects profits. Historically, Bitcoin tends to correct shortly after setting new record heights. The total accumulation trend score has printed 0.26, which is left below 0.5 in the last several days.
Bitcoin has sent four consecutive green months from April to July. However, August is often characterized by more quiet trade activity and reduced volume. In fact, the last three August saw each correction in the double -digit percentage range.
