Glassnode warns that BTC is currently in the distribution phase.

According to the #Glassnode Trend Accumulation Score, all cohorts of #BTC holders have entered the distribution phase (blue zones on the heatmap), with the group holding 10-100 BTC leading. This indicates a predominance of profit-taking and increased selling pressure.

There is simultaneous "bluing" across most cohorts, meaning we have a broad front of sales rather than localized activity from specific groups. Yesterday's manipulative dump thoroughly scared the players.

For bulls, this is a serious test of demand.