Glassnode’s accumulation trend score by cohort signals large-scale 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 the change in their net balance over the past 30 days. A score closer to 1 indicates accumulation, especially by larger entities, while a score closer to 0 reflects distribution or lack of accumulation.
Currently, the strongest selling pressure comes from retailers holding less than 10 BTC. Wallets holding less than 1 BTC have a score of 0.11, while those holding between 1 and 10 BTC are even lower, at 0.05, indicating aggressive distribution.
Higher up the spectrum, selling pressure becomes less pronounced. Whales holding between 1,000 and 10,000 BTC are neutral with a score around 0.5, suggesting neither strong accumulation nor distribution, waiting to see where prices head next.
The largest cohort, those holding more than 10,000 BTC, has a moderate distribution, but not to the levels seen late last year, when Bitcoin was trading above $90,000. Meanwhile, entities holding between 100 and 1,000 BTC are also noticeably distributed.
Accumulation has been limited since early February, when bitcoin briefly fell as low as $60,000. The current trend suggests that retail investors are capitulating, while the big players remain on the sidelines, waiting rather than actively buying.
