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.
[adinserter block="1"]
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.”
At 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.”
At 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.”
At time of writing, SOL is trading at $197, well above Glassnode’s resistance point.
Follow us on X, Facebook and Telegram
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any assets including cryptocurrencies, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
