Analytics firm Glassnode says that large Bitcoin investors are gobbling up BTC, fueling the crypto king’s ascent above $100,000.
In a post on the social media platform X, Glassnode says that all major Bitcoin cohorts by wallet size are now back in “near-perfect” accumulation mode.
-->The analytics firm released a Trend Accumulation Score chart by cohort, revealing that wallets holding less than one BTC to those with over 10,000 BTC show scores of 1 or near 1, signaling strong accumulation across all investor segments.
“Even >10,000 BTC whales are participating at levels last seen in Dec 2024. The alignment across wallet sizes suggests broad-based conviction behind the current BTC uptrend.”
Source: Glassnode/XAt time of writing, Bitcoin is trading at $117,412.
Turning to Ethereum, Glassnode notes a renewed influx of first-time ETH investors following a prolonged period of declining interest from the group.
“We’re seeing the first signs of a trend reversal in ETH buyer behavior. Since early July, the supply held by first-time buyers has increased by ~16, suggesting renewed interest and inflows from fresh market participants.”
Source: Glassnode/XAt time of writing, Ethereum is worth $3,765.
As for the layer-1 protocol Solana, Glassnode says that SOL may be poised for a huge upside burst after taking out a key resistance area.
“The next major resistance for SOL may sit around $190, where investors have accumulated over 8 million SOL. Above this level, supply becomes less dense – suggesting that, if demand persists, the uptrend could accelerate due to reduced overhead resistance.”
Source: Glassnode/XAt time of writing, SOL is trading at $197, well above Glassnode’s resistance point.
