Glassnode’s on-chain data shows that Bitcoin holders across nearly all wallet cohorts are returning to active sales amid ongoing geopolitical tensions in the Middle East.
This distribution has been primarily driven by retail investors, who appear to be the main source of selling pressure.
Glassnode’s cumulative trend score, which measures whether different wallet groups are buying and selling, has dropped to around 0.04, indicating deep net dispersion across the network.
This metric evaluates both the size of an entity and the amount of Bitcoin it has accumulated over the past 15 days.
A look at the breakdown shows that small holders are leading the distribution. Wallet that can hold numbers 1 to 10 $BTCusually associated with retail investors, are in push mode.
Entities with 10 to 100 $BTC is also being distributed at a considerable pace. Even large participant sizes are not immune to this trend. Wallet that can hold 1,000 pieces $BTC or larger companies are also net sellers, but the intensity of the sell-off is not as severe as that seen in the smaller cohort.
Despite its widespread distribution, Bitcoin continues to show relative resilience compared to traditional macro assets.
The U.S. dollar index rose above 99.5, the yield on the 10-year U.S. Treasury note rose to a one-month high of more than 4.2%, and Brent crude oil traded near $100. Rising yields, a strong dollar, and rising oil prices typically create significant headwinds for risk assets. Bitcoin’s ability to hold nearly $70,000 suggests pent-up demand remains, even as on-chain data shows investors are bailing out in the short term.