Glassnode data shows that all bitcoin wallet cohorts have returned to distribution mode, with net selling observed across the board. This shift follows last week’s rally, when some whales—particularly in the 10–100 BTC and 1,000–10,000 BTC cohorts—were net buyers.

The Accumulation Trend Score, broken down by wallet cohort, highlights this behavior. The metric measures the strength of accumulation for different wallet sizes based on the entity’s holdings and coin volume acquired over the past 15 days. A value closer to 1 indicates accumulation, while a value near 0 signals distribution. Exchanges, miners, and similar entities are excluded from the calculation. Currently, wallets ranging from under 1 BTC to more than 10,000 BTC are all net sellers.

Regionally, Asia continues to drive bitcoin gains, pushing prices from $115,000 over the weekend to near $117,000 in the recent session. Over the past three months, Asia has contributed roughly a 10% uplift in BTC, according to Velo data. In contrast, European trading sessions have been weaker, with pullbacks observed, including a more than 10% decline over the past three months.

The market remains in consolidation, a trend expected to persist through September. Based on current data, the $107,000 level, set at the start of the month, still appears to be the most likely support.