Long-term bitcoin holders have moved back into accumulation after an extended stretch of net selling, according to Glassnode.
Bitcoin has reclaimed the $60,000 level, rebounding from 21-month lows earlier in the week — a recovery that appears supported by improving on-chain trends.
Glassnode’s analysis highlights strengthening underlying dynamics that run counter to the bearish sentiment triggered by June’s roughly 20% decline. A key signal is the long-term holder net position change, which has turned positive again after a prolonged period of distribution.
This metric tracks the 30-day net change in supply held by wallets that have kept coins for at least 155 days, classifying them as long-term holders under Glassnode’s framework.
Current estimates suggest these investors are accumulating between 50,000 and 100,000 BTC on a net basis. While this marks a clear shift in behavior, the pace remains relatively modest compared to previous bull market phases.
For perspective, rallies in November 2024 and May 2025 saw long-term holder accumulation approach 400,000 BTC.
“Historically, sustained transitions from distribution to accumulation tend to occur during periods of market weakness, as long-term investors steadily add exposure while shorter-term participants reduce risk,” Glassnode said in its latest report.
Smaller wallets lead dip buying
The trend becomes more compelling when viewed through Glassnode’s Accumulation Trend Score, which measures buying activity across wallet sizes over a rolling 30-day window on a scale from 0 to 1. The indicator has risen meaningfully over the past month, pointing to broad-based dip buying.
The strongest accumulation is coming from the smallest wallets, those holding less than 1 BTC, where the score is near 0.8–0.9. Mid-sized holders with balances between 100 and 1,000 BTC are also showing similarly strong buying patterns.
Wallets holding between 1–10 BTC and 10–100 BTC are accumulating at a moderate pace, with scores around 0.6–0.7. Larger entities in the 1,000–10,000 BTC range have also turned net buyers, though at a more moderate level of roughly 0.5–0.6.
The largest cohort — wallets holding more than 10,000 BTC — remains closer to neutral, with scores around 0.4–0.5, indicating that the biggest players have yet to fully commit to the trend.
Even so, the synchronized accumulation across most wallet sizes is notable and suggests that bitcoin around $60,000 is drawing demand from multiple segments of the market.
“Periods of widespread accumulation across wallet cohorts have historically provided a constructive base for longer-term recoveries, although continued buying is needed for confirmation,” Glassnode said.
The firm added that it may be too early to declare a full accumulation phase, as participation from the largest holders is still needed for the trend to become self-sustaining.
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