Bitcoin (BTC) continues to trade sideways within the $110,000-$120,000 price range while gold and U.S. stock markets approach record highs. Market data reveals significant selling activity across all investor segments.
Glassnode's Accumulation Trend Score indicates distribution patterns among all wallet size cohorts. This analytical metric evaluates accumulation strength based on entity size and coin acquisition volume over 15-day periods. Scores near 1.0 signal net buying, while values approaching 0.0 indicate net selling. The analysis excludes mining operations and exchange wallets.
Current data shows distribution across all holder categories, from small wallets (under 1 BTC) to major whales (over 10,000 BTC). The largest whale cohort demonstrates particularly aggressive selling behavior, reaching some of the most intense distribution levels observed in the past year.
Long-term holder metrics reveal notable changes: the percentage of Bitcoin supply inactive for at least one year has declined sharply from 70% to 60% of circulating supply. This metric peaked in November 2023 when BTC traded near $40,000. Simultaneously, holders retaining assets for 2+ years have also begun distributing, with their share dropping from 57% to 52%.
The 3+ year holder cohort now represents just over 43% of supply, showing consistent decline since November 2024. These wallets primarily contain Bitcoin acquired near the previous cycle peak of $69,000 in November 2021, with additional accumulation during the 2022 bear market when prices bottomed near $15,500. Current price levels allow these investors to realize substantial gains.
In contrast, the 5+ year holder segment remains stable, indicating that ultra-long-term investors are not participating in current selling activity.
This trend demonstrates that investors with unrealized profits from the current market cycle continue taking profits, contributing to ongoing selling pressure in Bitcoin markets.