Glassnode data shows that all wallet cohorts have returned to distribution mode, with a net selling of bitcoin, according to the Accumulation Trend Score breakdown by wallet cohort.
This metric disaggregates the Accumulation Trend Score to show the relative behavior of different groups of wallet. It measures the strength of accumulation for each balance size based on both the entities’ size and the volume of coins acquired over the past 15 days. (For more details on the methodology, see this Academy entry.)
- A value closer to 1 signals accumulation by that cohort.
- A value closer to 0 signals distribution.
Exchanges, miners and other similar entities are excluded from the calculation.
Currently, all cohorts, from wallets holding less than one bitcoin to those holding more than 10,000, are net sellers. This follows last week’s rally, when some whales — most notably the 10-100 BTC and 1,000-10,000 BTC cohorts were buying. They have since flipped back to selling.
Bitcoin was recently hovering near $117,000 after Asia’s trading session pushed it up from $115,000 dollars over the weekend. Over the past three months, Asia has consistently driven bitcoin roughly 10 percent higher, according to Velo data. In contrast, the European trading session has been marked by pullbacks, which has been seen on Monday so far. In addition, bitcoin is down more than 10% in the EU market over the past three months.
Overall, the market remains in consolidation, a trend likely to persist through September. On current data, the $107,000 marked at the start of September still appears to be the most probable bottom.
Source: https://www.coindesk.com/markets/2025/09/15/bitcoin-cohorts-return-to-net-selling-as-market-continues-to-consolidate
