Bitcoin began February trading near $80,000, with larger holders cautiously accumulating as retail investors moved to the sidelines. Within a week, the price fell sharply, bottoming near $60,000 on Feb. 5. Since then, on-chain data points to a broad-based shift toward accumulation as investors reassess value at lower levels.
The move follows one of the most severe capitulation events in bitcoin’s history, which now appears to be transitioning into a more synchronized accumulation phase.
This shift is reflected in Glassnode’s Accumulation Trend Score by cohort, a metric that measures accumulation strength across wallet sizes by factoring in both entity size and the amount of bitcoin accumulated over the past 15 days. Readings closer to 1 indicate accumulation, while values nearer to 0 signal distribution.
On an aggregate basis, the Accumulation Trend Score has climbed above 0.5 to 0.68. This marks the first period of broad-based accumulation since late November, when bitcoin previously established a local bottom near $80,000.
Wallets holding between 10 and 100 BTC have led the dip buying, particularly as prices approached the $60,000 level.
While it remains unclear whether the market has definitively found a bottom, the data suggests investors are once again accumulating bitcoin after a drawdown of more than 50% from its October all-time high.
