Glassnode data reveals broad selling across bitcoin wallet cohorts as the cryptocurrency drops below $67,000, with larger holders remaining largely on the sidelines.
The platform’s 30-day Accumulation Trend Score, analyzed by wallet size, shows retail investors are driving most of the current distribution. This score measures whether entities are accumulating or offloading coins, factoring in both the size of their holdings and net changes over the past month. A score near 1 indicates accumulation—especially by larger players—while a score near 0 signals distribution or minimal buying activity.
Smaller holders are leading the sell-off. Wallets with less than 1 BTC carry a score of 0.11, and those holding 1–10 BTC are even lower at 0.05, reflecting aggressive distribution among retail participants.
Mid-sized and larger holders are acting more cautiously. Whales with 1,000–10,000 BTC maintain a neutral score around 0.5, signaling neither strong accumulation nor selling. The largest wallets, holding over 10,000 BTC, show mild distribution, though this is far less pronounced than the selling observed last year when bitcoin traded above $90,000. Wallets with 100–1,000 BTC are also participating in distribution, albeit at moderate levels.
Since early February, when bitcoin briefly approached $60,000, accumulation has been limited. The current trend indicates retail investors are capitulating into price weakness, while larger holders are adopting a wait-and-see stance, refraining from aggressive buying.
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