On-chain data from Glassnode shows that bitcoin holders in almost all wallet cohorts have returned to aggressive selling amid lingering geopolitical tensions in the Middle East.
Distribution is mainly led by retail investors, who appear to be the main source of selling pressure.
Glassnode’s cumulative trend score, which measures whether different groups of wallets are buying or selling, has fallen to around 0.04, indicating deep net distribution across the network.
The metric evaluates both the size of the entities and the number of bitcoins they have accumulated over the last 15 days.
The breakdown shows that smaller holders lead the distribution. Wallets containing 1 to 10 BTC, typically associated with retail investors, are in heavy selling mode.
Entities holding between 10 and 100 BTC are also distributing at a significant rate. Even the largest players are not immune to the trend. Wallets with 1,000 BTC or more are also net sellers, although the intensity of their sales is less severe than that observed among smaller cohorts.
Despite its wide distribution, bitcoin continues to demonstrate relative resilience compared to traditional macro assets.
The US Dollar Index has risen above 99.5, the US 10-year Treasury yield has risen to a one-month high above 4.2% and Brent crude oil is trading around $100. Typically, stronger yields, a stronger dollar and higher oil prices create significant headwinds for risk assets. Bitcoin’s ability to hold near $70,000 suggests underlying demand remains intact even as on-chain data shows investors pulling out in the near term.
