On-chain data from Glassnode shows that Bitcoin holders across nearly all wallet groups have turned to aggressive selling amid ongoing geopolitical tensions in the Middle East.
The offering was largely dominated by retail investors, who appear to be the main source of selling pressure.
Glassnode’s cumulative trend score, a measure of whether different groups of wallets are buying or selling, has dropped to around 0.04, indicating a deep net distribution across the network.
This metric evaluates the size of entities and the amount of Bitcoin they have accumulated over the past 15 days.
The breakdown shows smaller holders leading the allocation. Wallets holding 1 to 10 BTC (usually associated with retail investors) are in heavy selling mode.
Entities holding 10 to 100 BTC are also allocating quickly. Even the larger players are not immune to this trend. Wallets holding 1,000 BTC or more were also net sellers, although the intensity of their selling was not as severe as among smaller groups.
Despite its wide distribution, Bitcoin has still shown relative resilience compared to traditional macro assets.
The U.S. dollar index rose above 99.5, the U.S. 10-year Treasury yield climbed to a one-month high above 4.2%, and Brent crude oil traded near $100. Typically, stronger yields, a stronger dollar and rising oil prices create significant headwinds for risk assets. Bitcoin’s ability to sustain near $70,000 suggests that underlying demand remains intact, despite on-chain data showing investors pulling away in the short term.
