Bitcoin Holders Return to Net Selling, Market Consolidates → Insights

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Briefing

The Bitcoin market has shifted back into a distribution phase, with all holder cohorts, from small to large, exhibiting net selling behavior. This indicates a lack of broad-based accumulation following a brief buying period by some larger investors. The market is currently consolidating, suggesting a period of indecision and reduced buying conviction among participants.

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Context

Investors often wonder if the market is poised for a breakout or if selling pressure will continue to dominate. Many are asking if major players are accumulating Bitcoin or if a broader market consolidation is underway.

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Analysis

The Accumulation Trend Score, broken down by wallet cohort, reveals the buying or selling behavior of different investor groups. A score closer to 1 signifies accumulation, while a score closer to 0 points to distribution. Glassnode data shows that after a short rally last week, during which some larger investors briefly accumulated, all cohorts have now reverted to net selling. This means that, currently, all groups are divesting their Bitcoin holdings, driving the market into a clear distribution phase and consolidation.

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Parameters

Key Metric → Accumulation Trend Score (by wallet cohort)
Observed Pattern → All cohorts are net sellers (distribution mode)
Cohort Behavior → 10-100 BTC and 1,000-10,000 BTC cohorts flipped from buying to selling
Market Phase → Consolidation and distribution
Timeframe → Recent behavior, specifically since “last week’s rally” (leading up to Sept 15, 2025)

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Outlook

This trend suggests the Bitcoin market will likely remain in a consolidation pattern through September, with potential for continued volatility. A confirming signal to watch for would be a sustained shift back to accumulation across multiple cohorts, especially larger ones, indicating renewed investor confidence and potential for upward movement.