Bitcoin Cohorts Return to Net Selling as Market Continues to Consolidate
Bitcoin’s recent rally has lost momentum as selling pressure from various wallet cohorts resurfaced. Across all wallet sizes, net selling has kept the market under strain, preventing further upside. Despite this, Asia-based buyers have stepped in to support prices, helping Bitcoin hold near the $117,000 level and slowing sharper declines.
However, the European trading hours continue to weigh on the market, repeatedly applying selling pressure that offsets Asian demand. This back-and-forth flow has created a choppy environment, keeping September marked by consolidation rather than sustained breakouts. Investors are watching closely to see whether buying interest can absorb persistent selloffs or if Bitcoin risks slipping below its recent support levels.
At a Glance
All wallet cohorts (from <1 BTC to >10,000 BTC) have flipped back to distribution.
Asia sessions have added ~10% to BTC over the past three months; Europe is down >10% over the same window.
Price hovers near $117,000, with $107,000 (early September) as the most probable local bottom on current data.
What Glassnode’s Accumulation Trend Score Is Saying
Glassnode’s Accumulation Trend Score breaks down which wallet cohorts are accumulating versus distributing, weighting both entity size and the coins acquired over the past 15 days. A value closer to 1 indicates accumulation, while a value near 0 signals distribution. Exchanges, miners, and similar entities are excluded to better reflect investor behavior.
After a brief impulse last week, whales in the 10–100 BTC and 1,000–10,000 BTC bands flipped back to selling aligning with smaller holders to form a market-wide pattern of bitcoin cohorts net selling. That shift suggests the recent rally was more about short-term positioning than a durable trend change.
Methodology in Brief
Window: last 15 days of on-chain acquisitions.
Weighting: entity size × coin volume acquired.
Signal: near 1.0 = accumulation; near 0.0 = distribution.
Asia vs. Europe: Divergent Session Flows
Across the past three months, Asia trade has persistently marked higher lows and incremental breakouts, lifting BTC by roughly 10%. In contrast, Europe has been a source of intraday supply, with returns down more than 10% over the same period.
These regional flow skews add context to bitcoin cohorts net selling, which often accelerates when European hours pull back intraday strength. Monday price action echoed that pattern: Asia nudged spot from ~$115,000 to ~$117,000, only for Europe to lean on the tape again.
Key Levels: $117K Resistance, $107K Support
Spot is currently orbiting $117,000 an area that has capped upside since the weekend. With bitcoin cohorts net selling into strength, attempts above this level have met supply, keeping trend traders cautious.
On the downside, the $107,000 level printed at the start of September still screens as the most probable local bottom based on recent flows and realized distribution. Unless cohort behavior tilts back toward accumulation, range trading between these bands remains the base case.
Why bitcoin cohorts net selling Matters Now
During consolidations, broad-based distribution can prolong chop and dampen momentum. Historically, stretches of bitcoin cohorts net selling during sideways markets help reset leverage and sentiment before the next sustained move. For trend followers, bitcoin cohorts net selling is a caution flag against chasing strength; for mean-reversion traders, it can define edges near support and resistance as liquidity concentrates around well-watched levels.
Conclusion
The market signals remain divided as Asian demand continues to provide support in spot trading, while European sessions consistently fade rallies. This tug-of-war has left Bitcoin struggling to build momentum, keeping traders cautious about short-term direction.
Unless regional flows change or the Accumulation Trend Score improves, selling from bitcoin cohorts is expected to maintain pressure. As a result, Bitcoin will likely stay range-bound into the month’s end, with $117,000 acting as near-term resistance and $107,000 serving as the working floor, defining the current boundaries of price action.
FAQs
Q1 . What does it mean when all cohorts are distributing?
A : It indicates broad bitcoin cohorts net selling, where wallets from small to whale sizes are offloading coins, often capping rallies and reinforcing range-bound price action.
Q2 . How is the Accumulation Trend Score calculated?
A : It weights entity size and 15-day acquisition volume; near 1.0 = accumulation, near 0.0 = distribution useful for spotting bitcoin cohorts net selling or buying waves.
Q3 . Why are Asia and Europe moving in opposite directions?
A : Recent data shows Asia adding ~10% while Europe is down >10% over three months, a split that helps explain sustained bitcoin cohorts net selling during European hours.
Q4 . Does net selling guarantee lower prices?
A : No. Bitcoin cohorts net selling can coexist with sideways or even rising prices if demand absorbs supply, but it typically limits upside until behavior shifts.
Q5 . Which levels matter most right now?
A : $117,000 is near-term resistance and $107,000 the likely floor; both sit within a regime shaped by bitcoin cohorts net selling and regional session flows.