On-chain data suggests selling pressure is starting to rise in parts of the Bitcoin market. According to analytics firm Glassnode, the Accumulation Trend Score has dropped to around 0.04, indicating that many wallets are currently distributing rather than accumulating BTC.
This metric tracks whether market participants are buying or selling based on wallet balance behavior. A score close to 1signals strong accumulation, while values near 0 indicate distribution or weak buying activity.
Recent data shows that wallets holding between 1 and 100 BTC are leading the selling pressure as Bitcoin trades sideways around the $70K region.
Despite this distribution, Bitcoin continues to hold the $70K level, showing notable strength. Interestingly, since geopolitical tensions related to the Iran situation intensified, BTC has outperformed traditional assets such as stocks and gold, strengthening its narrative as a potential macro hedge.
This raises an important question for the market:
Is this simply profit-taking before the next leg up… or the early stage of a broader distribution phase?
Stay tuned for more market insights and updates.