In a remarkable turn of events, Bitcoin holders across the spectrum—from the smallest retail investors to the most massive mega whales—appear to be parting with their holdings. This shift, happening as we approach the close of August 2025, marks a significant change in market sentiment, as revealed by recent on-chain data. The Accumulation Trend Score, a tool that gauges whether investors are amassing or offloading Bitcoin, has flipped red for all groups, signaling a collective move toward distribution.
Cohorts Align in a Selling Stance
The latest analysis from Glassnode, a prominent on-chain analytics firm, underscores the synchronized selling activity across all investor brackets. The Accumulation Trend Score, which accounts for wallet balance changes and the wallet sizes of investors, shows a marked decline, particularly among the “fish” cohort—investors holding between 10 to 100 BTC. These investors are leading the charge with a near-zero score, indicating robust selling pressure. This trend is echoed in CryptoQuant’s analysis of retail investors exiting the market, highlighting a broader shift in investor behavior.
“The uniformity across cohorts highlights broad sell-side pressure emerging in the market,” Glassnode reports. This pattern was last observed in January, a precursor to a bearish spell for Bitcoin. The current scenario raises questions about whether a similar downturn is on the horizon.
Historical Patterns and Market Implications
Adding to the uncertainty is Bitcoin’s dance around the Realized Price—an indicator of the average cost basis for investors who purchased their coins in the last one to three months. Currently pegged at $110,800, Bitcoin’s failure to maintain a price above this level has historically signaled prolonged market weakness and potential deeper corrections.
With Bitcoin trading at approximately $109,900—a drop of more than 5% in the past week—the market finds itself at a critical juncture. “Historically, failure to hold above this level has often led to multi-month market weakness and potential deeper corrections,” states Glassnode, suggesting that the coming weeks could be pivotal in determining Bitcoin’s trajectory.
A Broader Market Context
This shift doesn’t occur in isolation. The broader cryptocurrency market has recently been marked by volatility and unpredictability. While some altcoins have seen speculative rallies, Bitcoin’s current downturn hints at an overarching caution among investors. Analysts point to macroeconomic factors, regulatory developments, and shifting investor priorities as potential contributors to this newfound hesitance. For further insights into the altcoin market’s struggles, see our Market Watch analysis of altcoins bleeding out.
Despite the bearish tones, some experts remain cautiously optimistic. They argue that such market corrections are healthy, providing opportunities for re-evaluation and strategic repositioning. As one analyst noted, “In every downturn, there’s a chance for recalibration—where savvy investors can reassess and make informed decisions.”
Looking Ahead
As the market stands on the precipice of what could be another bearish chapter, the focus now shifts to how Bitcoin’s price will interact with the Realized Price threshold. Investors and analysts will be watching closely, parsing through on-chain data and market signals to anticipate the next move.
While the current sentiment leans toward caution, the cryptocurrency landscape is anything but predictable. As we’ve seen time and again, market dynamics can shift in the blink of an eye, driven by innovation, regulation, or even unforeseen global events. For now, the market watches, waits, and wonders what the next chapter in Bitcoin’s storied journey will bring.
Source
This article is based on: Bitcoin Dives As On-Chain Data Shows Every Cohort Now Selling
Further Reading
Deepen your understanding with these related articles:
- Bitcoin Miners Drain Reserves, Adding Headwinds to BTC Price Outlook
- Bitcoin late longs wiped out as sub-$110K BTC price calls grow louder
- From Bullish to Cooldown: Bitcoin Remains in Profit-Taking Phase as Demand Fades (CryptoQuant)
Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
