All Bitcoin Wallet Cohorts Enter Distribution Mode, Glassnode Reports
Current data from Glassnode indicates a shift in Bitcoin (BTC) sentiment across all wallet cohorts, now in distribution mode.
- The Accumulation Trend Score (ATS) measures accumulation or distribution strength.
- A score near 1 signifies accumulation; near 0 indicates distribution.
- Exchanges and miners are excluded from this calculation.
Key observations include:
- All wallet sizes, from large holders (>10,000 BTC) to small (<1 BTC), are currently distributing BTC.
- This is a reversal from the previous week when all groups were accumulating as BTC surpassed $124,000.
- The current distribution phase reflects profit-taking behavior.
- The ATS is at 0.26, below the 0.5 threshold for several days.
- Historically, BTC tends to correct after reaching new highs.
- August has seen reduced trading activity, with past years showing double-digit corrections.