BTC hasn’t shown signs of excessive distribution after reaching the local top. As shown in the chart— The darker the indicator color, the more accumulation of Bitcoin by whales (or a large number of retail investors). The lighter the indicator color, the more distribution of Bitcoin by whales (or a large number of retail investors). BTC: The Accumulation Trend Score indicator measures the relative intensity of accumulation or distribution by different entities (wallets) in the Bitcoin market over a specific period. It analyzes changes in wallet balances over the past month and weights them based on wallet size, reflecting the buying and selling behavior of whales (or a large number of retail investors). Darker indicator color: Indicates market participants (especially whales) are actively accumulating Bitcoin, reflecting bullish sentiment and increased demand, which is usually associated with price increases. Lighter indicator color: Indicates market participants are inclined to distribute (sell) or lack accumulation, reflecting bearish sentiment or profit-taking, which may signal price consolidation or declines. Note: The indicator excludes the influence of specific entities like exchanges and miners, focusing on the behavior of on-chain investors. Additionally, the data is standardized using a 90-day window to ensure comparability across different time periods. Summary: By tracking the buying and selling behavior of on-chain investors, this indicator reveals market sentiment and potential price trends. It’s a key tool for identifying Bitcoin’s accumulation or distribution phases.