Long-Term Bitcoin Investors Shift Back to Accumulation Mode

“Historically, transitions from net distribution to net accumulation often occur during market downturns, as long-term investors capitalize on price dips while short-term traders exit positions,” Glassnode noted in its most recent report.

Retail and Mid-Sized Wallets Drive Buying Interest

The trend becomes more pronounced when analyzing Glassnode’s Accumulation Trend Score. This metric evaluates buying behavior across various wallet sizes on a rolling 30-day basis using a scale from 0 to 1. Over the last month, the score has risen significantly, indicating widespread bargain hunting throughout the market.

Current data shows the most aggressive accumulation is coming from smaller holders (those with less than 1 BTC), with trend scores reaching near-maximum levels of 0.8 to 0.9. Mid-sized entities holding between 100 and 1,000 BTC are following a similar trajectory. Meanwhile, wallets in the 1-10 BTC and 10-100 BTC categories are showing moderate accumulation, with scores between 0.6 and 0.7. Even larger players holding between 1,000 and 10,000 BTC have transitioned into net buyers, maintaining a moderate reading of approximately 0.5 to 0.6.

Interestingly, the largest “whale” cohort—wallets containing more than 10,000 BTC—remains relatively neutral with a score of 0.4 to 0.5. This suggests that the market’s largest institutional-scale players have yet to fully commit to this accumulation cycle.

Despite the cautious stance of the largest whales, the synchronized buying activity across almost all other wallet tiers is a notable development. It suggests that current price levels around $60,000 are perceived as attractive enough to spark broad-based demand across the market.

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