The FOMO for bitcoin is taking over whales and small investors
On-chain data shows what seems to be a shift in market dynamics
So far, individual investors have been left out of this 'bull run'.
Could this be the second bullish wind that bitcoin needs in this cycle?
A change in the market dynamics of bitcoin (BTC) is emerging, according to on-chain data analyzed by Glassnode.
FOMO, or the fear of missing out, is beginning to take hold of both whales and —now also— small investors, marking a possible second bullish push in this cycle.
Accumulation is now visible across almost the entire spectrum of Bitcoin wallets, with holders of less than 1 BTC shifting from distribution to a light accumulation index of approximately 0.55. Larger cohorts, such as those holding between 100 and 1,000 BTC, show an accumulation index of 0.9, while those from 1,000 to 10,000 BTC reach 0.85. Only wallets holding between 1 and 10 BTC remain net sellers.
An accumulation index is a metric used in the analysis of financial markets, especially in cryptocurrencies, to evaluate the behavior of holders of an asset, such as bitcoin, in terms of whether they are accumulating (buying or holding) or distributing (selling). In the context of on-chain analysis, such as that provided by Glassnode, this index measures the intensity of accumulation or distribution of BTC across different cohorts of wallets, classified according to the amount of coins they hold.
