Glassnode: Accumulation Trend Hits 0.04 as Bitcoin Selling Surges at $70K
Glassnode’s Accumulation Trend Score plunged to 0.04, signalling broad-based selling across nearly all wallet tiers — retail, mid-size holders and whales — while Bitcoin’s price remains near $70,000. The on-chain metric suggests a distribution phase: simultaneous selling that can keep price artificially stable to draw in fresh buyers before a potential breakdown. Traders should watch the $70,000 level closely. Bull case: institutional demand absorbs selling and $70K becomes a floor. Bear case: cascading stop-losses push BTC toward $60K–$65K. Macro factors cited include a stronger dollar (DXY ~99.5+), higher 10-year yields (~4.2%+), and oil around $100 — all pressuring risk assets. The article advises waiting for the Accumulation Trend Score to move back above ~0.4 to confirm renewed buyer strength. Key keywords: Bitcoin, Accumulation Trend Score, Glassnode, selling pressure, $70,000 support, whales, on-chain data.
Bearish
The news points to a clear on-chain signal of distribution: Glassnode’s Accumulation Trend Score at 0.04 indicates widespread selling across wallet sizes, including retail and whales. Historically, similar low accumulation readings have preceded price declines as distribution drains liquidity and allows price to appear stable before a breakdown (late-cycle distribution). Macro headwinds — stronger dollar, rising bond yields and high oil — increase the probability that selling pressure overwhelms bids. Short-term impact: elevated downside risk around the $70K level, higher volatility and potential stop-loss cascades to the $60K–$65K range. Traders should reduce directional long exposure or tighten stops, consider hedges (shorts, put options) and monitor on-chain metrics (accumulation score, exchange inflows, whale activity) and macro indicators. Long-term impact: if institutional demand re-emerges and the Accumulation Trend Score recovers above ~0.4, the bearish signal would weaken and $70K could establish as a sustainable floor. Until then, the setup favours risk-off positioning rather than aggressive accumulation.