Retail investors continue to sell off Bitcoin

Glassnode’s 30-day Accumulation Trend Score by wallet group shows widespread selling. However, the leading group was retail investors when Bitcoin (BTC) fell to the price range of 67,000 USD.

The Accumulation Trend Score index is disaggregated by wallet groups, measuring the relative behavior of investor groups that are accumulating or distributing tokens. This index combines both the size of each group’s holdings and the net balance change over the past 30 days. When the index approaches 1, it shows that investors, especially large wallets, are accumulating strongly. On the contrary, when the index approaches 0, the market is in a distribution state, meaning many wallet groups sell simultaneously.

Currently, the strongest selling pressure comes from the group of retail investors holding less than 10 BTC. Wallets under 1 BTC have an Accumulation Trend Score at 0.11 points. Meanwhile, the group holding 1-10 BTC is even lower, at 0.05 points, showing strong selling activity. The sell-off trend of retail groups has lasted since the beginning of March until now and shows no signs of stopping.

In larger groups, selling pressure gradually decreases. “Whales” holding between 1,000-10,000 BTC are in a neutral state with an Accumulation Trend Score of about 0.5 points. This shows that they have not accumulated nor distributed strongly, but are waiting for the next price movement.

The largest group – holding over 10,000 BTC – shows slight signs of distribution, but not as strong as the period late last year when Bitcoin traded above $90,000. Meanwhile, investors holding 100-1,000 BTC are also showing a significant selling trend.

Since early February, when Bitcoin dropped to nearly 60,000 USD, the whole market has hardly recorded significant accumulation activity. The current trend shows that retail investors are “surrendering”, while large organizations are still standing on the sidelines and observing instead of participating in strong buying.

The cryptocurrency market recovered slightly in the past two days when Bitcoin sometimes exceeded 68,300 USD per unit. Despite improving sentiment, investors remain uneasy as the conflict with Iran enters its fifth week.

Altcoin on March 30 had an upward trend, with some tokens up to 5-6% in just 24 hours, but today there are signs of slowing down. The cause is said to be lack of liquidity across the market when supply is greater than demand. This has brought some tokens into the “oversold” range, making psychological pressure in the market difficult to relieve in the short term.

This liquidity gap has plagued cryptocurrency markets since October 2025, when a $19 billion liquidation event nearly destroyed the market structure, leaving some traders and market makers stranded. To break this cycle, experts say that Bitcoin – the market’s anchor – needs to trade back above $80,000 and maintain this price range. As BTC improves, its gains could rotate into the altcoin market to establish macro support levels for the entire industry.