As February began, bitcoin was trading around $80,000, with whales dipping their toes in as retail investors raced for the exits. Just a week later, bitcoin fell to $60,000 on February 5, and the market is now showing a broad shift toward accumulation across nearly all cohorts as investors begin to see value.
This change follows one of the most severe capitulation events in bitcoin’s history. Which now seems to be evolving into a more synchronized accumulation phase.
Glassnode’s Accumulation Trend Score by Cohort highlights this shift in behavior. The metric measures the relative strength of accumulation across different wallet sizes by considering both unit size and the amount of BTC accumulated over the past 15 days. A score closer to 1 signals accumulation, while a score closer to 0 indicates distribution.
On an aggregate basis, the accumulation trend score by cohort has now climbed above 0.5 to reach 0.68. This is the first time since late November that broad accumulation has been observed, a period that previously coincided with bitcoin forming a local bottom near $80,000.
The cohort showing the most aggressive dip buying has been wallets with between 10 and 100 BTC, especially as prices fell towards $60,000
While it is still uncertain whether the ultimate bottom is in, it is clear that investors are once again finding value in bitcoin after a more than 50% draw from its record high in October.
