Glassnode Reports: Bitcoin Accumulation Surpassing 2022 Levels Draws Attention

Glassnode announced that high-conviction buyers have been accumulating Bitcoin since January and that their share of the supply in this cycle has exceeded the 2022 period.

In its August 18 post, on-chain data platform Glassnode stated that data tracking Bitcoin supply according to investor behavior indicates a strengthening group of high-conviction buyers who are purchasing despite selling pressure. The firm revealed that this structure should be interpreted not as a definitive bottom or price direction prediction, but as a supply behavior compared to past accumulation periods.

According to Glassnode, purchases continuing since January have increased this group’s share of the circulating Bitcoin supply. The firm explained that the behavior is similar to the accumulation process in 2022, but the supply share purchased by high-conviction buyers in the current cycle is larger than the previous cycle. This comparison does not mean that the market bottom is confirmed; it only shows that the change in investor supply overlaps with a similar period.

Glassnode Compares Bitcoin Accumulation with 2022

One of the highlights of the analysis was that the strongest increase in accumulation was observed when the Bitcoin price retreated to $60,000 in January. While the 2022 accumulation zone and the accumulation period in the current cycle are marked separately on the Glassnode chart, a distinct rise in the supply share of high-conviction buyers is monitored in both processes.

Glassnode stated that bottom formations can be seen when profit-taking slows down and high-conviction buyers step in. However, this framework does not offer a price target or a definitive bottom signal. While the second distribution chart also shows that high-conviction buyers have increased their supply share, it points out that the shares of different investor groups change along with Bitcoin price action. Thus, the analysis focuses on who holds the Bitcoin supply rather than short-term price prediction.