Bitcoin faces widespread selling pressure across all wallet cohorts despite maintaining price stability near $70,000, according to Glassnode's latest on-chain metrics. The firm's Accumulation Trend Score has dropped to a concerning 0.04, indicating that both retail and institutional holders are offloading BTC positions amid mounting macro headwinds.
On-chain data reveals selling activity spans from small retail wallets to large institutional holdings, suggesting broad-based profit-taking or risk-off sentiment rather than isolated cohort behavior. The low accumulation score marks a significant shift from previous months when larger wallets were actively accumulating during price dips.
The selling pressure comes as the cryptocurrency sector navigates uncertain regulatory terrain ahead of the 2026 U.S. midterm elections. However, Binance Research notes historical patterns showing Bitcoin and equities typically experience strong recoveries following midterm elections, potentially setting up favorable conditions for crypto assets in the latter half of 2026.
Bitcoin's current market cap of approximately $1.4 trillion maintains its dominance at around 54% of the total cryptocurrency market, though correlation with traditional risk assets remains elevated. The sustained $70,000 price level despite selling pressure suggests institutional demand may be providing support, even as retail participants reduce exposure.
The crypto community appears cautiously optimistic, with the Bitcoin 2026 Vegas conference expecting over 300 industry founders and investors, signaling continued institutional engagement despite near-term selling trends.