Definition. Holder Accumulation Ratio is the proportion of active holders who are increasing their positions versus those decreasing them, focusing exclusively on holders who changed their balance. It is calculated by dividing the number of holders who increased their balance by the total number of holders who changed their balance in either direction.

Technical. Addresses with a balance below a certain dust threshold are not considered as holders. For ETH and ETH tokens, only externally owned addresses (EOAs) are counted, contracts are excluded. For ETH tokens, burn addresses are excluded.

Interpretation. Ratios above 50% indicate net accumulation behavior among active holders. For instance, a 75% ratio means that among holders who adjusted their position, 3 out of 4 chose to accumulate more. Higher ratios may suggest bullish momentum, while lower ratios may indicate distribution or profit-taking.

Notes. Based on the Holder Retention chart in Glassnode Studio. For more information, see Understanding Retention on Glassnode Insights.