On-chain data from Glassnode reveals a significant shift in Bitcoin investor behavior, with retail participants leading a widespread selling trend as the cryptocurrency's price fell below the $67,000 mark. The analysis is based on Glassnode's 30-day Accumulation Trend Score, which measures the relative behavior of wallet cohorts accumulating or distributing coins by combining the size of their holdings with their net balance change over the past month.
The data shows the heaviest selling pressure is concentrated among retail investors. Wallets holding less than 1 Bitcoin have an Accumulation Trend Score of just 0.11, while those holding between 1 and 10 BTC are even lower at 0.05. Scores closer to 0 indicate distribution or a lack of accumulation, meaning these smaller holders are aggressively selling their coins.
"The current trend suggests retail investors are capitulating," the report notes, highlighting a potential sentiment shift among smaller market participants. In contrast, larger entities are exhibiting more cautious behavior. Whales holding between 1,000 and 10,000 BTC are in a neutral position with a score around 0.5, suggesting they are neither strongly accumulating nor distributing and are likely waiting for clearer price direction.
The largest cohort, entities holding over 10,000 BTC, are showing signs of mild distribution, though not at the aggressive levels seen in late 2025 when Bitcoin traded above $90,000. Additionally, wallets holding between 100 and 1,000 BTC are also engaged in notable distribution. The report indicates there has been limited accumulation activity since early February, when Bitcoin's price briefly dropped toward $60,000, painting a picture where retail investors are leading the sell-off while larger players remain largely on the sidelines.
