Glassnode reports that the Bitcoin market has entered a distribution phase. Large holders, or whales, have begun to sell off their Bitcoin holdings. The accumulation trend score has decreased to 0.21, showing that big investors are no longer buying but are instead selling BTC back into the market.

Ultra-large holders owning over 10,000 BTC have been selling since September 2024, and those holding between 1,000 and 10,000 BTC are also increasing their sales activities. Analysts suggest that this could lead to Bitcoin prices falling below 94,000 USD if the selling pressure continues.