Glassnode’s cumulative trend score by cohort indicates broad 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 that accumulate or distribute coins on-chain. It combines both the size of each cohort’s holdings and the change in their net balance over the last 30 days. A score closer to 1 indicates accumulation, particularly by larger entities, while a score closer to 0 reflects distribution or lack of accumulation.
Currently, the biggest selling pressure is coming from retail participants holding less than 10 BTC. Wallets with less than 1 BTC have a score of 0.11, while those with between 1 and 10 BTC are even lower at 0.05, indicating an aggressive allocation.
Higher up the spectrum, the selling pressure becomes less pronounced. Whales holding between 1,000 and 10,000 BTC are neutral with a score of around 0.5, suggesting neither strong accumulation nor distribution, waiting to see where prices go next.
The largest cohort, those holding more than 10,000 BTC, shows a slight distribution, but not at the levels seen late last year, when Bitcoin was trading above $90,000. Meanwhile, entities holding between 100 and 1000 BTC also have a notable distribution.
There has been limited accumulation since early February, when bitcoin briefly fell to $60,000. The current trend suggests that retail investors are capitulating, while larger players remain on the sidelines, waiting rather than actively buying.
