Retail traders fuel broad-based bitcoin selling amid declining prices.

Glassnode data points to broad distribution across wallet cohorts as bitcoin slips below $67,000, with larger holders largely staying on the sidelines.

The firm’s Accumulation Trend Score, segmented by cohort, highlights widespread selling pressure led by retail investors amid the recent price decline. The 30-day metric evaluates whether entities are accumulating or distributing coins by factoring in both the size of their holdings and net balance changes over the period. Scores closer to 1 signal accumulation—especially by larger players—while readings near 0 indicate distribution or weak demand.

At present, the strongest selling activity is concentrated among smaller holders. Wallets with less than 1 BTC show a score of 0.11, while those holding between 1 and 10 BTC have dropped further to 0.05, underscoring aggressive distribution from retail participants.

Selling pressure eases among larger cohorts. Whales holding between 1,000 and 10,000 BTC are broadly neutral, with scores around 0.5, suggesting a wait-and-see approach rather than active positioning.

The largest entities—those with more than 10,000 BTC—are exhibiting mild distribution, though not to the extent seen late last year when bitcoin traded above $90,000. Meanwhile, wallets holding 100 to 1,000 BTC are also showing clear signs of distribution.

Overall, accumulation has remained limited since early February, when bitcoin briefly dipped toward $60,000. The current pattern suggests retail investors are capitulating into weakness, while larger players remain cautious, opting to stay on the sidelines rather than step in aggressively.