Long-term bitcoin holders have returned to accumulation after a prolonged phase of net selling, according to Glassnode.
Bitcoin has moved back above $60,000, recovering from 21-month lows earlier this week, with on-chain data suggesting improving underlying conditions.
Glassnode’s analysis points to strengthening signals beneath the surface, pushing back against the bearish sentiment that followed June’s roughly 20% decline. A key indicator, the long-term holder net position change, has flipped positive after an extended period of distribution.
This metric tracks the 30-day net change in supply held by wallets that have retained their coins for at least 155 days, classifying them as long-term holders in Glassnode’s framework.
Current data indicates net accumulation in the range of 50,000 to 100,000 BTC. While this marks a notable shift, the pace remains modest compared with previous bull market cycles.
For comparison, rallies in November 2024 and May 2025 were accompanied by long-term holder accumulation nearing 400,000 BTC.
“Historically, transitions from net distribution to accumulation often emerge during periods of market weakness, as long-term investors gradually add exposure while short-term holders reduce risk,” Glassnode said in its latest report.
Broad-based dip buying emerges
The signal becomes more compelling when viewed through Glassnode’s Accumulation Trend Score, which measures buying activity across wallet sizes over a rolling 30-day period on a scale from 0 to 1. The indicator has risen notably in recent weeks, pointing to widespread dip buying.
The strongest accumulation is evident among the smallest wallets, those holding less than 1 BTC, with scores approaching 0.8 to 0.9. Mid-sized holders with balances between 100 and 1,000 BTC are also showing similarly strong accumulation.
Wallets in the 1–10 BTC and 10–100 BTC ranges are accumulating at a moderate pace, with scores around 0.6 to 0.7. Larger entities holding between 1,000 and 10,000 BTC have also turned net buyers, though with more moderate readings near 0.5 to 0.6.
In contrast, the largest whale cohort — wallets with more than 10,000 BTC — remains closer to neutral, with scores around 0.4 to 0.5, suggesting that the biggest players have yet to meaningfully join the trend.
Even so, the coordinated accumulation across most wallet groups is significant and indicates that bitcoin around $60,000 is attracting demand from multiple segments of the market.
“Periods where accumulation becomes widespread across wallet sizes have historically laid the groundwork for longer-term recoveries, though sustained buying is needed for confirmation,” Glassnode noted.
The firm cautioned that it may be premature to call a full accumulation phase, as participation from the largest holders is still required for the trend to become self-reinforcing.
