On-chain data from Glassnode shows that bitcoin holders across nearly all wallet cohorts have shifted back to aggressive selling amid persistent geopolitical tensions in the Middle East.

The distribution is being led primarily by retail investors, who appear to be the main source of selling pressure.

Glassnode's Accumulation Trend Score, which measures whether different wallet groups are buying or selling, has dropped to around 0.04, signalling deep net distribution across the network.

The metric evaluates both the size of entities and the amount of bitcoin they have accumulated over the past 15 days.

The breakdown shows that smaller holders are leading the distribution. Wallets holding 1 to 10 BTC, typically associated with retail investors, are in heavy selling mode.

Entities holding 10 to 100 BTC are also distributing at a significant pace. Even larger participants are not immune to the trend. Wallets holding 1,000 BTC or more are also net sellers, though the intensity of their selling is less severe than that seen among smaller cohorts.

Despite the broad-based distribution, bitcoin continues to demonstrate relative resilience compared with traditional macro assets.

The U.S. dollar index has risen above 99.5, the U.S. 10-year Treasury yield has climbed to a one-month high above 4.2%, and brent crude oil is trading around $100. Typically, stronger yields, a firmer dollar and higher oil prices create significant headwinds for risk assets. Bitcoin’s ability to hold near $70,000 suggests underlying demand remains intact even as on-chain data shows investors bailing in the short term.