Glassnode: "Bitcoin Whales Are Buying Like Crazy... Rally Imminent"

"The more quantity held in a wallet, the more they are buying"

On-chain analysis platform Glassnode recently pointed out the strong buying trend of Bitcoin (BTC) whales, claiming that Bitcoin is preparing for a rally.

On the 24th, Glassnode classified the Bitcoin cumulative trend score based on Bitcoin-holding wallets. Glassnode noted that wallets with larger quantities are focusing more on accumulation.

Glassnode stated, "Bitcoin holders with over 10,000 units recorded a Bitcoin cumulative score of 0.9, showing a perfect accumulation trend" and "Bitcoin holders with 1,000 to 10,000 units have a Bitcoin cumulative score of 0.7, while those with 100 to 1,000 units are recording a score of 0.5".

They further emphasized that "large wallets are buying in preparation for a rally".

The Bitcoin cumulative trend score is an on-chain indicator that checks the wallets buying Bitcoin and their balances, determining the buying and selling trends according to different groups. A higher number indicates a stronger buying trend.

Reporter Seung-won Kwon ksw@blockstreet.co.kr