Summary
- Bitcoin Accumulation Trend Score shows a market shift to accumulation.
- 25% of the total available BTC supply was purchased at the price level of $73,000 – $58,000.
According to the latest reports coming from Glassnode, the Bitcoin Accumulation Trend Score (ATS) shows a market shift back to accumulation.
ATS reached its maximum value of 0.1 which signals important accumulation over the past month.
Also, CryptoQuant author, Axel Adler shared a post via X, noting that 24% of the total available Bitcoin supply was purchased at the price level of $73,000 – $58,000.
According to him, this represents a quarter of the total Bitcoin market capitalization, meaning approximately $300 billion.
Bitcoin Trades Above $58,000
Regarding Bitcoin’s price today, at the moment of writing this article, BTC is trading above $58,000, up by 0.6% today.
On August 15, the price of BTC dropped below $57,000, ahead of a bounce back.
According to new reports, the Bitcoin Active Address Sentiment Indicator (AASI) is now close to crossing beneath the lower deviation, which would show that the BTC price is potentially oversold, considering our current network activity.
CryptoQuant’s author also noted that this was a boring week, the same as the boring month and quarter, but it still looks decent on an annual basis. He also made a joke, noting that Jerome Powell should turn on the money printer in the US.
Drop in Demand for Short-Term Holders
Also, he noted that the good news is that during this bull cycle, the drop in demand for coins among short-term holders has significantly decreased by more than 6 times, which shows a more stable asset retention.
According to his notes, the metric is currently neutral.
Overall, Bitcoin remains surrounded by optimism, especially since the latest reports reveal an intense trend in institutional adoption based on the latest inflows in Bitcoin ETFs.
Recently, Morgan Stanley revealed positions in BlackRock’s Bitcoin ETF, IBIT. Also, Goldman Sachs disclosed fund shares in Bitcoin ETFs.