As February began, Bitcoin was trading at around $80,000, with whales stepping in as retail investors retreated. Just a week later, on February 5th, Bitcoin plummeted to $60,000 and the market is now showing a broad shift towards accumulation across almost all demographics as investors begin to see value.
This change follows one of the most severe capitulation events in Bitcoin’s history. It now appears to be evolving into a more synchronized accumulation phase.
Glassnode’s cumulative propensity scores by cohort highlight this behavioral shift. This indicator measures the relative strength of accumulation across different wallet sizes by taking into account both the size of the entity and the amount of BTC accumulated over the past 15 days. Scores close to 1 indicate accumulation, and scores close to 0 indicate dispersion.
In total, the cumulative propensity score by cohort exceeded 0.5 and reached 0.68. This is the first time since late November, when widespread accumulation was observed, and previously coincided with Bitcoin forming a local bottom around $80,000.
The cohort that showed the most aggressive push buying was wallets holding 10-100 BTC, especially as the price fell towards $60,000.
While it remains unclear whether a final bottom has been reached, it is clear that investors are seeing value in Bitcoin again after a drawdown of more than 50% from its all-time high in October.
