Data from the on-chain analytics firm Glassnode has revealed that around 9.5% of the Bitcoin supply changed hands above the $60,000 level.

On-chain data shows the largest of the Bitcoin whales have switched to selling recently, a potential sign that these investors think the top is in.

On-chain analytic firm Glassnode has broken down which Bitcoin cohorts have been accumulating and which have been distributed during the past year.

Glassnode has talked about the four phases of Bitcoin accumulation and distribution during the past year in their latest report.

Glassnode’s new Bitcoin indicator, the “accumulation trend score,” shows the market has leaned towards distribution recently.