On-chain analytics firm Glassnode revealed that smaller Bitcoin investor cohorts shifted toward selling during the recent rally.
The Bitcoin Accumulation Trend Score shows retail investors with fewer than 10 BTC actively distributed holdings starting in March, even as prices approached $76,000. The metric measures 30-day balance changes across different wallet sizes.
Small holder groups below 1 BTC and 1 to 10 BTC categories showed accumulation scores near zero, indicating aggressive selling during the price recovery. Meanwhile, larger whale groups of 1,000 to 10,000 BTC began showing signs of accumulation.
"Broad-based accumulation across wallet sizes remains absent, limiting the sustainability of upward moves," Glassnode noted.
Bitcoin currently trades around $66,700 after pulling back from recent highs.
