Glassnode’s Accumulation Trend Score by cohort signals broad-based selling led by retail participants as bitcoin falls below $67,000.
The 30-day Accumulation Trend Score, broken down by wallet cohorts, measures the relative behavior of entities accumulating or distributing coins on-chain. It combines both the size of each cohort’s holdings and their net balance change over the past 30 days. A score closer to 1 indicates accumulation, especially of larger units, while a score near 0 reflects distribution or lack of accumulation.
Currently, the biggest selling pressure is coming from retail participants with less than 10 BTC. Wallets with less than 1 BTC have a score of 0.11, while those with 1 to 10 BTC are even lower at 0.05, indicating aggressive distribution.
Further up the spectrum, the selling pressure becomes less pronounced. Whales with 1,000 to 10,000 BTC are neutral with a score of around 0.5, indicating neither strong accumulation nor distribution, and are waiting to see where prices are headed.
The largest cohort, those with over 10,000 BTC, are showing mild distribution, but not at levels seen at the end of last year, when Bitcoin was trading above $90,000. Meanwhile, units with 100 to 1,000 BTC are also in notable distribution.
There has been limited rallying since early February, when bitcoin briefly dipped toward $60,000. The current trend suggests that retail investors are capitulating while larger players remain on the sidelines and wait instead of actively buying.
