• Super whales with 10,000+ Bitcoin have been aggressively accumulating their holdings since the FTX collapse.
• Data from Glassnode shows a divergence between super whales and retail, with the former remaining in aggressive accumulation mode.
• Cohort analysis gives a graphical representation of accumulation and distribution across six cohorts, ranging from minnows with less than one BTC to super whales holding more than 10,000 BTC.

Bitcoin has been an incredibly popular and volatile asset over the past few years, with much of the action coming from the super whales. Super whales refer to entities that hold 10,000+ Bitcoin, and they have been seen to be aggressively accumulating their holdings since the FTX collapse in early November 2022.

Data from Glassnode shows a divergence between super whales and retail, with the former remaining in aggressive accumulation mode going into the new year, despite macro uncertainties. This suggests that investors, as a whole, saw value in buying at discounted prices.

Cohort analysis also gives a graphical representation of accumulation and distribution across six cohorts, ranging from minnows with less than one BTC to super whales holding more than 10,000 BTC. During the FTX saga, all cohorts were accumulating aggressively, but the trend ended around mid-December 2022 when whales (entities holding 10,000+ Bitcoin) started to accumulate more than other cohorts.

Since then, the Accumulation Trend Score (ATS) metric has turned more neutral, with distribution bias, reflecting lingering macro uncertainties going into 2023. This is an important development to keep an eye on, as it could give insight into the future of Bitcoin and the overall cryptocurrency market.

In conclusion, the data shows that super whales have been and remain aggressive accumulators, even during periods of macro uncertainty. This could be indicative of a larger trend of institutional investors entering the cryptocurrency space, and it will be interesting to see how the market develops in the coming months.