Bitcoin Surges Past $120,000 as Mid-Sized Entities Drive Bullish Push
Bitcoin has skyrocketed past $120,000 in a week, marking a sharp rally of over 10%. This bullish push could be driven by fresh demand from mid-sized entities, as on-chain data suggests. Meanwhile, whales and mega whales show signs of distribution, but smaller investors remain neutral.
The Bitcoin Accumulation Trend Score turned neutral-red last month, indicating a shift in distribution among investor cohorts. However, recent on-chain data reveals a significant change in network behavior. Mid-sized entities, holding between 100 to 1,000 BTC, have started aggressive buying, with the indicator close to 1. This aggressive accumulation by mid-sized investors is likely the catalyst behind the current bullish movement.
Institutional investors and large companies have been actively purchasing Bitcoin, with inflows exceeding $2 billion into Bitcoin spot ETFs. Corporations like Metaplanet and Strategy have also been buying BTC, further boosting demand. In contrast, whales (1,000 to 10,000 BTC) remain in a phase of distribution, although the selloff has calmed down recently. Mega whales (10,000+ BTC) have stepped deeper into distribution, with their Accumulation Trend Score near zero. Smaller investors, holding below 10 BTC, show neutral behavior, indicating uncertainty about Bitcoin's direction.
Bitcoin's price has seen a significant rally, with mid-sized entities driving the bullish push. While whales and mega whales show signs of distribution, institutional investors and corporations are actively buying Bitcoin. As the network behavior shifts, the coming weeks will reveal whether this trend continues or if smaller investors change their neutral stance.
