Signals · Accumulation vs distribution
May 18 to Sep 07 · weekly · live from the indexerAre holders accumulating or distributing?May 18 to Sep 07
Two forces, netted per wallet so churn cancels: ATOM moved to exchanges (sell intent) against ATOM withdrawn from them (buy intent), plus net staking (delegate minus unbond).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 May 18 to Sep 07, the holder base is net accumulating by +15.94M ATOM (net exchange -1.21M, net staked +17.15M). The split is by wealth tier: HNW / funds are distributing (-7.95M), while Whales lead the accumulation (+15.66M). 2 of 5 cohorts are net accumulating.
Sell-intent proxy, not confirmed sales
Net stance
+15.94MATOM
net accumulation
Net exchange flow
-1.21MATOM
bought 74.38M · sold 75.59M
Net staked
+17.15MATOM
delegated 40.28M · unbonded 23.13M
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holdings, refreshed daily, floored by its largest single deposit / withdrawal / delegation): net exchange flow = ATOM withdrawn from verified exchanges minus ATOM deposited to them, and net staked = delegated minus unbonded (redelegations and reward withdrawals excluded).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.