Glassnode data shows that all bitcoin wallet cohorts have shifted back into distribution mode, with net selling observed from wallets holding less than 1 BTC to those holding more than 10,000 BTC. This follows last week’s rally, when some whale cohorts—particularly the 10–100 BTC and 1,000–10,000 BTC groups—were net buyers.
The Accumulation Trend Score, disaggregated by wallet cohort, highlights these trends. This metric measures accumulation strength over the past 15 days based on wallet size and volume acquired, excluding exchanges, miners, and similar entities. A score closer to 1 signals accumulation, while a score near 0 indicates distribution.
Regionally, Asia continues to drive bitcoin gains, pushing prices from $115,000 over the weekend to near $117,000 in the recent session. Over the past three months, Asian trading has contributed roughly a 10% uplift in BTC. In contrast, European trading sessions have been weaker, with pullbacks dominating, including a more than 10% decline over the same period.
The overall market remains in a consolidation phase, a trend likely to continue through September. Current data suggests the $107,000 level, set at the start of the month, remains the most probable support.
