Bitcoin Bottoming Phase Was Driven By Large Entities, Glassnode Data Shows

On-chain analytics firm Glassnode has pointed out how large entities drove Bitcoin accumulation during the November-December bottoming phase.

Large Entities Accumulated BTC, While Smaller Investors Sold

In a new post on X, Glassnode has talked about the recent Bitcoin investor behavior. “During the November–December bottoming phase, supply accumulation was primarily driven by larger entities, while smaller cohorts were distributing,” noted Glassnode.

To showcase the trend, the analytics firm has cited the Accumulation Trend Score, an on-chain indicator that tells us about whether BTC addresses are accumulating or distributing. The indicator uses two factors to calculate its value: the balance changes happening in the wallets of the investors and the size of the wallets themselves. This means that larger entities have a stronger influence on the

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