On-chain data from Glassnode indicates that smaller Bitcoin holders sold into the latest price rally, while larger wallets showed only tentative signs of accumulation. The analytics firm said broad-based buying remains absent, a dynamic that may limit the durability of upside moves. Bitcoin recently traded near $66,700 after pulling back from a surge toward $76,000.
What the Accumulation Trend Score Shows
Glassnode’s Accumulation Trend Score tracks whether investors are net buyers or sellers over a 30-day period. The metric weights balance changes by wallet size, giving larger entities more influence. Readings above 0.5 indicate net accumulation (with 1.0 signaling strong buying), while readings below 0.5 point to distribution (with 0.0 signaling strong selling).
Glassnode examined the score by wallet cohort, segmenting addresses by balance to reveal how behavior differs across investor sizes.
Retail Cohorts Sold Into the Rally
According to Glassnode, wallets holding less than 1 BTC and those holding 1–10 BTC shifted decisively toward distribution in early March, with the score approaching zero for both groups. Selling from these smaller cohorts persisted even as Bitcoin pushed toward $76,000, suggesting retail investors used strength to reduce exposure. That trend has continued despite the subsequent price retracement.
Whales Edge Back to Accumulation
In contrast, the 1,000–10,000 BTC cohort—the so‑called whale segment—has seen the score nudge just above neutral, indicating modest accumulation. However, Glassnode noted that the overall market remains skewed toward distribution. “Broad-based accumulation across wallet sizes remains absent, limiting the sustainability of upward moves,” the firm said in a post on X.
Market Context
Bitcoin’s pullback to around $66,700 follows a sharp advance that briefly carried prices toward $76,000. With retail cohorts still distributing and whales only cautiously accumulating, on-chain signals point to a market seeking stronger, more widespread demand to support further gains.