Main Points :
- All wallet cohorts—from holders of less than 1 BTC to those with over 10,000 BTC—have flipped into net selling mode, according to Glassnode’s Accumulation Trend Score.
- Asia trading sessions have been lifting Bitcoin prices by about 10% over the past three months, while European sessions have driven prices lower by more than 10%.
- Bitcoin is consolidating around US$115,000–US$117,000, after rising from about US$115,000 over the weekend.
- The likely support / bottom remains close to US$107,000, the level seen in early September.
- This distribution (selling) mode across all cohorts follows a recent price rally in which some “whale” cohorts (10–100 BTC, 1,000–10,000 BTC) were accumulating, but have since reversed.
1. Accumulation Trend Score and Wallet Cohorts: What’s Flipping
Glassnode’s Accumulation Trend Score is an on-chain metric that measures how different wallet‐cohorts are behaving—whether they are accumulating or distributing Bitcoin. The cohorts are defined by how much BTC they hold (e.g., under 1 BTC, 10–100 BTC, 1,000–10,000 BTC, above 10,000 BTC), excluding entities like exchanges and miners.
Recently, following a price rally, some larger holders (whales) such as the 10–100 BTC and 1,000–10,000 BTC cohorts showed accumulation behavior. But now, every cohort across all sizes has shifted back into net selling mode. That is, none are currently accumulating in net terms.
This shift is significant for practitioners and investors tracking supply-side behavior. When all cohorts are selling, upward price pressure may be limited, absent fresh demand from new entrants or external catalysts.
2. Regional Trading Patterns: Asia vs Europe Divergence
A striking pattern has emerged in recent months: Asia trading sessions have consistently driven Bitcoin higher—roughly +10% over the last three months. In contrast, during European trading sessions, Bitcoin has tended to fall—down more than 10% over the same period.
What this suggests is that demand (or positive sentiment) from Asia may be strong, but it is being counteracted, or offset, by weaker demand (or increased selling) during European time zones. The effect is a kind of seesawing, resulting in consolidation. For traders and analyzers, it means time‐of‐day and region are important variables to watch.
3. Current Price Levels and Consolidation
Bitcoin recently rose from around US$115,000 during the weekend in Asia to about US$117,000 at the time of reporting. Despite the recent uplift, the broader shape is one of consolidation. Price movements are bounded; upward rallies are met with selling.
Analysts believe that US$107,000, which was posted in early September, remains a likely floor (support). Unless there is a strong demand catalyst or external shock, the market may remain in this lateral or range‐bound phase through the rest of September.
4. What This Means for Investors & Practitioners
- Supply-side pressure is increasing. When even smaller holders are selling, it implies that conviction to hold is weakening broadly—not just among traders or speculators, but across the spectrum.
- Demand will need to come from new sources. Institutions, spot ETF flows, or large buyer entrance from new geographies might be among the few possible catalysts to reverse net selling.
- Watch for regional flow effects. Since Asia has been a positive force and Europe a drag, monitoring trading volumes and sentiment by region and by session could give early warning signs.
- Support levels are critical. If US$107,000 fails to hold, downside risk increases. Conversely, rejection of lower levels near that support might indicate accumulation or bottoming behavior starting.
5. Recent Trends & Additional Context (from further sources)
Looking back, in mid-2025 there were phases where Bitcoin showed strong accumulation across many cohorts, especially prior to or during price breakouts. Examples include late spring when the Accumulation Trend Score hit high values, indicating aggressive investor buying across cohorts.
However, since summer, more frequent shifts into distribution mode have occurred—meaning that profit-taking and sell pressure have been more common. The current situation can be viewed as part of this larger pattern of volatility with periods of accumulation/distribution oscillation.
Also, on-chain metrics beyond the Accumulation Trend Score show that long-term holders (those who have held BTC for extended periods) continue to own a large share of supply. They have been reluctant sellers until recently; any change in their behavior could greatly affect market dynamics.
Summary & Outlook
In summary, Bitcoin is currently in a consolidation phase characterized by net selling across all wallet cohorts, after a recent rally. All classes of holders—from minors to whales—are now distributing rather than accumulating. Regional activity has diverged: Asia sessions have added upward momentum (~+10% over 3 months), while Europe has pulled downward (~−10%). Price is holding around US$115,000-US$117,000, with key support at about US$107,000.
For those looking for the next opportunities in crypto or blockchain, this suggests caution: upside may be limited in the short term unless new demand enters. Watching regional flows, institutional demand, ETF developments, and behavior of long-term holders will be especially important. If the US$107,000 support holds, that could be a signal for stabilization; a break below it could point to further downside.
