remains stagnant in the range of $ 110,000 to $ 120,000, while gold and US stocks hovers near all time heights.
According to Glassnode’s accumulation trend score at Kohort, it is clear to sell pressure across all wallet groups. This metric measures the relative strength of accumulation based on the size of units and the amount of coins acquired over the past 15 days. A value closer to 1 signals accumulation, while a value closer to 0 signaling distribution. Exchange and miners are excluded from this calculation.
Currently, each cohort is from wallets holding less than 1 BTC to whales holding over 10,000 BTC, distribution. The largest whales with possessions over 10,000 BTC show some of the most aggressive levels of sales in the past year.
Looking at the long -term holder supply, the percentage of circulating supply that has not been moved for at least 1 year has dropped sharply from 70% to 60%. The top was in November 2023 when Bitcoin traded near $ 40,000. At the same time, 2+ year old holders also started selling, with their share fell from 57% to 52%.
The three -year -old plus coating now sits just over 43% and has steadily fallen since November 2024. These wallets largely represent buyers from the previous cycle top in November 2021 to about $ 69,000, many of which accumulated more during the 2022 Bear Market as prices hit low at $ 15,500. With Bitcoin’s recovery, these investors are aware of gains.
In contrast, five -year -old plus holders remain stable, reflecting that the longest term investors do not participate in the sale.
This trend shows that investors sitting on unrealized profits from this cycle continue to realize the profits, which adds the ongoing sales pressure.
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