Glassnode data reveals broad bitcoin selling as prices fall below $67,000, with retail investors driving the move while larger holders largely remain on the sidelines.

The platform’s 30-day Accumulation Trend Score, which measures on-chain accumulation and distribution by wallet size, shows heavy selling from smaller participants. Scores near 1 signal accumulation, particularly by larger holders, while readings near 0 indicate distribution or weak buying.

Wallets holding under 1 BTC have a score of 0.11, and those with 1–10 BTC fall to 0.05, highlighting aggressive retail selling. In comparison, whales with 1,000–10,000 BTC remain neutral around 0.5, taking a wait-and-see approach.

The largest holders, those with over 10,000 BTC, show mild distribution—well below the levels seen when bitcoin traded above $90,000 last year. Mid-sized wallets holding 100–1,000 BTC are also distributing, but less aggressively.

Since early February, when bitcoin briefly approached $60,000, accumulation has remained muted. The trend suggests retail investors are capitulating while larger players stay on the sidelines, awaiting clearer market direction.