Recent data from Glassnode reveals a significant shift in the behavior of Bitcoin wallet holders, as all wallet cohorts have entered a net selling phase. This trend is evident in the Accumulation Trend Score, which categorizes wallet activity into different cohorts based on their Bitcoin holdings. This score measures the level of accumulation or distribution by analyzing wallet sizes and the volume of coins acquired over the past 15 days.
The findings indicate that wallets ranging from those holding less than one Bitcoin to those with over 10,000 Bitcoin are currently net sellers. This marks a notable change from the previous week when larger holders, especially those in the 10-100 BTC and 1,000-10,000 BTC categories, were actively purchasing Bitcoin. However, these groups have now reverted to selling.
Bitcoin’s price recently fluctuated around $117,000, rising from $115,000 during Asia’s trading session. According to Velo data, Asia has been a driving force behind Bitcoin’s performance, contributing to an approximate 10 percent increase over the last three months. In contrast, trading in Europe has seen substantial pullbacks, with the market down more than 10% in this region over the same period.
Currently, the market appears caught in a consolidation phase, a trend expected to continue through September. Given the current data, the $107,000 mark, recorded at the beginning of the month, stands out as the most likely bottom for Bitcoin in the near future. As this selling trend unfolds, the market’s future direction will be closely monitored by investors and analysts alike.
