Signals · Accumulation vs distribution
Jun 29 to Oct 19 · weekly · live from the indexerAre holders accumulating or distributing?Jun 29 to Oct 19
Two forces, netted per wallet so churn cancels: ATOM moved to exchanges (sell intent) against ATOM withdrawn from them (buy intent), plus net staking (delegate minus unbond). Over Jun 29 to Oct 19, the holder base is net accumulating by +4.08M ATOM (net exchange -5.67M, net staked +9.74M). The split is by wealth tier: HNW / funds are distributing (-7.13M), while Whales lead the accumulation (+8.96M). 2 of 5 cohorts are net accumulating.
Sell-intent proxy, not confirmed sales
Net stance
+4.08MATOM
net accumulation
Net exchange flow
-5.67MATOM
bought 74.15M · sold 79.82M
Net staked
+9.74MATOM
delegated 37.47M · unbonded 27.73M
Cohorts accumulating
2 / 5
HNW / fund, Mid-tier, Retail distributing
How accumulation and distribution are measuredmethodology
Two independent signals, both netted per wallet and attributed to the wallet’s real wealth tier (on-chain liquid + staked holdings, refreshed daily, floored by its largest single deposit / withdrawal / delegation): net exchange flow = ATOM withdrawn from verified exchanges minus ATOM deposited to them, and net staked = delegated minus unbonded (redelegations and reward withdrawals excluded). Netting per wallet is deliberate: a pass-through router or a trader cycling between venues deposits and withdraws in near-equal measure, so its net is ~0 and it can never read as distribution, no conduit filter required. Exchange-operated wallets (all custody / ops / validator roles) and protocol / IBC-escrow module accounts are excluded on both sides, so only end-holder behaviour is counted. Tiers: mega-whale > 1M, whale 100k-1M, HNW 10k-100k, mid 1k-10k, else retail. Exchange staking is left out of net staked because it holds customer ATOM, not the exchange’s conviction, so this undercounts holder staking rather than overstating it. Deposits and withdrawals are sell / buy intent, not confirmed trades.
Detail · Sell-pressure attribution
likelihood-weighted exchange-bound flow, by cohortSell pressure weights each exchange-bound transfer by likelihood (direct deposit ×0.95, IBC-out with swap memo ×1.00, IBC-out without ×0.25) and attributes it to the sender’s cohort. It is a one-sided view (outflow only) shown here for depth; the accumulation stance above is the net, two-sided read.
Bedrock Signals is on-chain intelligence, not financial advice. Read live on-chain.