The Bitcoin landscape is experiencing a notable divergence in wallet behavior, according to the Accumulation Trend Score. This metric reveals the relative behavior of different wallet cohorts based on their size and coin acquisitions over the past 15 days. Specifically, Bitcoin ‘whales’ with balances exceeding 10,000 BTC have shifted from a sustained accumulation trend to a distribution phase since October. On the other hand, smaller wallet cohorts, each with 10,000 BTC or less, continue to accumulate Bitcoin at a robust rate. This shift in behavior among larger entities suggests a potential reassessment of market conditions.

When considering all Bitcoin wallet cohorts, it becomes evident that the current accumulation rate slightly exceeds the monthly issuance of Bitcoin, which stands at approximately 27,500 BTC. The cohorts’ estimated accumulation of around 36,000 Bitcoin indicates a net positive accumulation over the coin’s issuance. This trend indicates a greater demand than supply in the market, contributing to a slightly bullish sentiment. However, it is important to note that this demand is diminishing.

It is crucial to approach this data with comprehensive insights, as it does not include exchanges and miners. This highlights the need for a more holistic understanding of the Bitcoin landscape, especially as the year-end approaches.