"Trend Accumulation Score by Cohort" from Glassnode, which shows the accumulation behavior of Bitcoin by various groups of owners (cohort) based on the amount of BTC they hold. This is a very useful on-chain analysis tool to understand how large and small entities behave towards Bitcoin over a specific period of time.

Explanation of the Sections of the Image:

1. Heatmap (top section):

Left vertical axis: Divided based on the amount of BTC held:

<1, 1-10, 10-100, 100-1k, 1k-10k, and >10k BTC.

Color:

Red/Orange: High accumulation (entities buying more BTC).

Blue: Distribution (entities selling or reducing holdings).

White/Light Yellow: Neutral or low activity.

Horizontal axis: Time (from August 2024 to May 2025).

2. Price chart (bottom section):

Displays BTC price from the same time period.

This is used to see the relationship between accumulation behavior and price movements.

How to Read It:

For example, in February–March 2025, dark red dominated many cohorts (especially 10-100 BTC, 100-1k BTC), meaning this group was aggressively accumulating BTC while the price was correcting.

Conversely, the dark blue areas indicate distribution, usually occurring after a significant price increase—such as in November 2024.

General Conclusion:

This data helps understand investor sentiment and behavior based on wallet size.

Accumulation by large cohorts (like >1k BTC) can indicate market confidence and potential bullish movements.

Distribution by large cohorts can be a warning signal or profit-taking.