Glassnode's Accumulation Trend Score by wallet group over 30 days indicates widespread selling. However, retail investors are leading the trend as bitcoin (BTC) falls to the 67,000 USD price range.
The Accumulation Trend Score, segmented by wallet groups, measures the relative behavior of investor groups accumulating or distributing tokens. This index combines both the holding size of each group and the net balance change over the past 30 days. A score approaching one indicates strong accumulation by investors, particularly large wallets. Conversely, a score nearing zero signifies a distribution phase in the market, meaning multiple wallet groups are selling simultaneously.
Currently, the strongest selling pressure originates from retail investors holding under 10 BTC. Wallets with less than one BTC have an Accumulation Trend Score of 0,11. Meanwhile, the group holding one to 10 BTC shows an even lower score of 0,05, indicating significant selling activity. This retail sell-off trend has persisted since early March and shows no signs of abating.
Among larger groups, selling pressure gradually decreases. "Whales", holding 1,000 to 10,000 BTC, are in a neutral state with an Accumulation Trend Score of approximately 0,5. This suggests they are neither actively accumulating nor distributing, but rather awaiting further price developments.
The largest group, holding over 10,000 BTC, shows slight distribution, but not as intensely as late last year when bitcoin traded above 90,000 USD. Concurrently, investors holding 100 to 1,000 BTC also exhibit a notable selling trend.
Since early February, when bitcoin briefly dropped to nearly 60,000 USD, the entire market recorded almost no significant accumulation activity. The current trend suggests retail investors are "capitulating", while large institutions continue to observe rather than engage in strong buying.
The cryptocurrency market has seen a slight recovery over the past two days, with bitcoin at times surpassing 68,300 USD per unit. Despite improved sentiment, investors remain uneasy as the conflict with Iran enters its 5th week.
Altcoins experienced a surge on 30/3, with some tokens increasing by 5% to 6% in just 24 hours, but showed signs of stagnation today. The reason is attributed to a lack of liquidity across the market, where supply exceeds demand. This pushed some tokens into "oversold" territory, making it difficult to alleviate market psychological pressure in the short term.
This liquidity gap has challenged the cryptocurrency market since 10/2025, when a 19 billion USD liquidation event nearly destroyed the market structure, trapping some traders and market makers. To break this cycle, experts believe bitcoin, the market's anchor, needs to trade back above 80,000 USD and sustain that price level. As BTC improves, profits from it could rotate into the altcoin market to establish macroeconomic support levels for the entire industry.
_Tieu Gu (according to CoinDesk)_
