Bitcoin (BTC) remains stagnant in the $110,000 to $120,000 range, while gold and U.S. equities hover near all-time highs.

According to Glassnode’s Accumulation Trend Score by cohort, selling pressure is evident across all wallet groups. This metric measures the relative strength of accumulation based on the size of entities and the volume of coins acquired over the past 15 days. A value closer to 1 signals accumulation, while a value closer to 0 signals distribution. Exchanges and miners are excluded from this calculation.

Currently, every cohort, from wallets holding less than 1 BTC to whales holding over 10,000 BTC, is in distribution. The largest whales, with holdings above 10,000 BTC, are showing some of the most aggressive levels of selling over the past year.

Looking at long-term

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