On-chain data from Glassnode shows that bitcoin holders across nearly all wallet cohorts have shifted back to aggressive selling amid ongoing geopolitical tensions in the Middle East.
Distribution is led primarily by retail investors, who appear to be the main source of selling pressure.
Glassnode’s Accumulation Trend Score, which measures whether different wallet groups are buying or selling, has dropped to around 0.04, signaling deep net distribution across the network.
The metric evaluates both the size of units and the amount of bitcoin they have accumulated over the past 15 days.
The breakdown shows that smaller holders lead the distribution. Wallets with 1 to 10 BTC, typically associated with retail investors, are in heavy selling mode.
Units with 10 to 100 BTC are also distributing at a significant pace. Even larger participants are not immune to the trend. Wallets with 1,000 BTC or more are also net sellers, although the intensity of their selling is less severe than that seen among smaller cohorts.
Despite the wide distribution, bitcoin continues to show relative resilience compared to traditional macro assets.
The US dollar index has risen above 99.5, the US 10-year Treasury yield has risen to a one-month high above 4.2% and Brent crude is trading around $100. Typically, stronger interest rates, a firmer dollar and higher oil prices create significant headwinds for risk assets. Bitcoin’s ability to hold close to $70,000 suggests that underlying demand remains intact, even as on-chain data shows investors bailing out in the short term.
