On-chain data from Glassnode shows that bitcoin holders in almost all wallet cohorts have returned to aggressive selling amid ongoing geopolitical tensions in the Middle East.
Distribution is primarily driven by retail investors, who appear to be the main source of selling pressure.
Glassnode’s accumulation trend score, which measures whether different groups of wallets are buying or selling, has fallen to around 0.04, signaling a deep net distribution across the network.
The metric evaluates both the size of entities and the amount of Bitcoin they have accumulated over the past 15 days.
The distribution shows that small holders lead the distribution. Wallets containing 1 to 10 BTC, typically associated with retail investors, are in heavy selling mode.
Entities holding 10-100 BTC are also distributing at a significant rate. Even the largest participants are not immune to this trend. Wallets containing 1,000 BTC or more are also net sellers, although the intensity of their selling is less than that observed among smaller cohorts.
Despite its wide distribution, bitcoin continues to demonstrate relative resilience compared to traditional macroeconomic assets.
The U.S. dollar index rose above 99.5, the 10-year U.S. Treasury yield climbed to a one-month high above 4.2% and Brent crude oil is trading around $100. Generally, higher yields, a firmer dollar and higher oil prices create significant headwinds for risky assets. Bitcoin’s ability to hold near $70,000 suggests underlying demand remains intact, even as on-chain data shows investors pulling back in the short term.
