All Bitcoin wallets shift to distribution mode

Glassnode data shows all Bitcoin wallet cohorts are now distributing rather than accumulating BTC, signaling weakening demand despite record prices.

Glassnode’s Accumulation Trend Score drops

According to blockchain analytics firm Glassnode, all Bitcoin wallet cohorts have moved into distribution. The Accumulation Trend Score (ATS), which measures accumulation versus distribution, has declined across all groups of holders.

Just over a week ago, every cohort — from small wallets to major holders — was in accumulation mode as Bitcoin surged above $124,000, reaching new all-time highs.

How the ATS indicator works

The ATS evaluates both wallet size and the amount of Bitcoin acquired over the past 15 days. A score closer to 1 signals strong accumulation, while values near 0 indicate distribution.

Currently, every category, from wallets holding more than 10,000 BTC to those with less than 1 BTC, is in distribution mode.

Market impact and outlook

The broad shift suggests weakening demand, even as Bitcoin trades at elevated levels. Analysts warn this could trigger short-term price corrections. However, long-term perspectives remain optimistic, as past distribution phases have often been followed by renewed accumulation and upward momentum.