Retail investors drive widespread bitcoin selling as prices fall

Glassnode’s Accumulation Trend Score by cohort is signaling 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, particularly by larger entities, while a score near 0 reflects distribution or a lack of accumulation.

Currently, the heaviest selling pressure is coming from retail participants holding less than 10 $BTC. Wallets with under 1 $BTC have a score of 0.11, while those holding 1 to 10 $BTC are even lower at 0.05, indicating aggressive distribution.

Further up the spectrum, selling pressure becomes less pronounced. Whales holding 1,000 to 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 over 10,000 $BTC, are showing mild distribution but not at levels seen late last year when Bitcoin traded above $90,000. Meanwhile, entities holding 100 to 1,000 $BTC are also in notable distribution.

There has been limited accumulation since early February, when bitcoin briefly dropped toward $60,000. The current trend suggests retail investors are capitulating, while larger players remain on the sidelines, waiting rather than actively buying.