Bitcoin Sell-Off: All Investor Cohorts Show Distribution

Recent on-chain data reveals a significant shift in the Bitcoin market. For the first time in months, all investor cohorts, from retail holders to mega-whales, are exhibiting net ditribution, according to Glassnode’s Accumulation Trend Score.

This score analyzes the balance changes in investor wallets, with larger entities holding greater influence. Previously, the score showed consistent accumulation across all groups. However, a recent reversal shows a broad sell-side pressure now gripping the market.

The chart clearly illustrates this dramatic change. All investor cohorts, including those holding 10-100 BTC (Fish), previously showcasing strong accumulation, now display near-zero scores or even negative trends. This widespread selling pressure echoes a similar pattern seen in January, preceding a prolonged bearish market for Bitcoin.

Adding further concern, Bitcoin is retesting the Realized Price of investors who acquired their BTC within the last 1-3 months. This price sits around $110,800—a critical level. Historically, failure to maintain a price above this level has typically resulted in protracted market weakness and significant corrections, suggesting potential for further declines.

Currently, Bitcoin is trading around $109,900, down over 5% in the last week. While the future remains uncertain, this confluence of on-chain indicators paints a picture of potential further market weakness.

Disclaimer: This analysis is based on publicly available on-chain data. Investing in cryptocurrency carries significant risk. Conduct your own thorough research before making any investment decisions.