On-chain data releases positive signals: Bitcoin selling pressure eases, accumulation signs emerge

According to Gate Market Data, as of March 6, 2026, Bitcoin (BTC) price has fallen 2.92% in the past 24 hours, trading at $71,099.3, with a market sentiment index showing “Neutral.” Although the price repeatedly struggles to break above $70,000, on-chain data from Glassnode reveals deeper changes: selling pressure is easing, the seller risk ratio is decreasing, and early re-accumulation signs are emerging. When short-term prices are uncertain, on-chain token structure often reveals the true supply and demand dynamics. This article will analyze current market conditions through multi-dimensional on-chain data and explore possible future developments.

Latest Glassnode Report: Bitcoin Selling Pressure Eases, Early Accumulation Signs Appear

On-chain analytics firm Glassnode recently posted on X that signs of easing selling pressure are emerging in the Bitcoin market. Key observations include: the capital outflow trend from Bitcoin spot ETFs is stabilizing, with a 14-day net inflow trend turning upward; simultaneously, the on-chain seller risk indicator is declining, suggesting the market’s significant deleveraging process may be nearing its end. More importantly, despite institutional demand remaining cautious, on-chain data has captured early re-accumulation behavior, especially among long-term holders.

From Distribution to Accumulation: Recent On-Chain Behavioral Shifts

To understand the significance of current data, it’s helpful to review market evolution over the past few months:

• Q4 2025: Bitcoin retreated from its all-time high of $126,080, entering a downtrend. Long-term holders began to show persistent net selling, marking a distribution phase.
• January to February 2026: Selling pressure intensified, with Bitcoin briefly dropping below $60,000. At this point, up to 46% of circulating supply was in loss, with both short-term and long-term holders facing substantial unrealized losses. Seller risk peaked.
• Late February to early March 2026: As prices consolidated around $70,000, key on-chain indicators reversed. Glassnode observed that, although the net position change among long-term holders remained negative on a monthly basis, the downward trend had significantly slowed, indicating that selling pressure from “diamond hands” was diminishing. Meanwhile, Bitcoin’s attempt to break above $70,000 saw profits spike briefly but did not trigger widespread panic selling, demonstrating market resilience.

Four Key On-Chain Indicators Show Seller Pressure Diminishing and Signs of Re-Accumulation

Below is a breakdown of core on-chain data supporting the narrative of “easing selling pressure” and “re-accumulation”:

Market Divergence: Optimists vs. Cautious Interpretations of On-Chain Signals

There is a clear split in market reactions to on-chain signals, mainly into two camps:

• Optimists (Structural Improvement): They see declining seller risk indicators and re-accumulation among long-term holders as clear bottom signals. Despite the inability to decisively break above $70,000, buying interest below this level is absorbing all selling pressure. Coupled with the return of Coinbase premium, this is viewed as evidence of US institutional accumulation quietly underway.
• Cautious (Weak Rebound): They focus on similarities between current profit supply ratios and early bear market levels. They argue that $70,000 has become a major resistance zone, as the last 1-4 weeks’ buyers’ cost basis is concentrated there, forming a “significant supply zone.” Every upward move tends to trigger short-term traders’ profit-taking, preventing sustained rallies.

Behind the Accumulation Narrative: Whales vs. Retail Traders

The “early re-accumulation” story must be viewed in a broader context. Glassnode’s data shows that this cycle’s accumulation is mainly driven by whales holding over 1,000 BTC and large entities, while smaller investors with less than 1,000 BTC continue to distribute.

Fact: Long-term holder supply has stopped declining, and large addresses are experiencing net inflows.

Interpretation: This accumulation is a “bottom-fishing” behavior, indicating optimism for a future bull market.

Speculation: Smaller investors may continue to sell until market sentiment fully recovers, meaning it could take time for the supply to be absorbed.

Impact of Easing Selling Pressure on Market Structure and Liquidity

If the accumulation trend confirmed by on-chain data persists, it could lead to structural changes:

• Improved Liquidity Structure: Easing selling pressure signals a shift from a “seller’s market” to a “buyer’s market.” Market makers and exchanges’ spot depth will better support prices and reduce volatility.
• Strengthening Bottom Support: Large holdings changing hands in the $60,000–$70,000 range create a new cost basis, forming a more solid support platform for future rallies. Future tests of this zone may see stronger buy-in.
• Institutional Behavior Shift: ETF capital outflows stabilize and show signs of inflow, indicating that institutional investors are reassessing Bitcoin’s value after months of pessimism.

Future Path Scenarios: Three Possible Market Trajectories

Based on current data, three potential market evolution paths are identified:

Conclusion: Bottom Confirmation Still Requires Observation, but Structural Shift Is Evident

Glassnode’s on-chain data paints a picture different from the price action: selling pressure is waning, and the most committed long-term participants are returning. This is undoubtedly a positive sign for market health. However, moving from “easing pressure” to “trend reversal” still requires confidence rebuilding and macro liquidity alignment. For investors, recognizing the decline in seller risk is more actionable than debating whether the bottom has been reached. The market is currently in a delicate balance of bullish and bearish forces, and the persistence of on-chain accumulation will be the most important indicator to watch in the coming weeks.