Bitcoin Holds Strong at $70,000! On-Chain Data Reveals "Collective Selling Wave," Retail Investors Emerge as Biggest Selling Pressure

Amid ongoing geopolitical tensions in the Middle East, Bitcoin appears to be experiencing a widespread sell-off. According to on-chain data analysis firm Glassnode, almost all wallet size holders are beginning to turn to “net selling,” with retail investors being the most prominent.
Glassnode data shows that the “Accumulation Trend Score” has recently plummeted to around 0.04, indicating heavy selling pressure in the current market.
This is a metric used by Glassnode to measure market buying and selling strength, calculated based on wallet size and the amount of coins accumulated over the past 15 days (excluding exchange and miner wallets). A score closer to 1 indicates net buying by that group; closer to 0 indicates net selling or phased reduction.
Detailed data shows that small holders are leading this sell-off:

• Wallets holding 1 to 10 Bitcoins (usually retail investors) are in a state of heavy selling;
• Investors holding 10 to 100 Bitcoins are also actively selling;
• As for whale holders with over 1,000 Bitcoins, they are also showing a “net selling” trend, though their selling intensity is relatively milder compared to small and medium holders.

Glassnode “Accumulation Trend Score”

Although on-chain data looks bleak, Bitcoin’s recent resilience has surprised many market observers. Compared to traditional assets, the current market environment can be described as “adverse conditions”: the US dollar index (DXY) has broken above 99.5; the US 10-year Treasury yield has surged to a one-month high, surpassing 4.2%; Brent crude oil hovers around $100 per barrel.