Bitcoin Wallet Cohorts Shift to Net Selling Amid Market Consolidation

Glassnode data indicates that all wallet cohorts are now in distribution mode, with a net selling of bitcoin. The Accumulation Trend Score breakdown by wallet cohort reveals this shift.

The Accumulation Trend Score measures accumulation strength for each balance size over the past 15 days.
A score close to 1 indicates accumulation; close to 0 indicates distribution.
Exchanges and miners are excluded from this calculation.

Currently, wallets across all sizes, from less than one bitcoin to more than 10,000, are net sellers. This follows last week's rally where certain large holders were buying but have since returned to selling.

Bitcoin recently traded near $117,000 after an increase from $115,000 during Asia’s trading session. Over the past three months, Asian markets have driven bitcoin roughly 10% higher, while European sessions have seen pullbacks, including a 10% decline in the EU market.

The market remains in consolidation, with a trend expected to continue through September. The probable bottom is still around $107,000 as marked at the start of September.