Bitcoin Long-Term Holders Resume Accumulation Trend

Long-term bitcoin holders have shifted back into accumulation mode after a prolonged period of distribution, according to Glassnode.

Bitcoin has climbed back above the $60,000 level, rebounding from 21-month lows reached earlier this week — a move that appears supported by improving on-chain dynamics.

Glassnode’s blockchain analysis points to strengthening underlying signals that contrast with the bearish sentiment that followed June’s 20% decline. One of the clearest indicators is the long-term holder net position change, which has turned positive again after an extended stretch of selling.

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 under Glassnode’s methodology.

Current data suggests net accumulation is running between roughly 50,000 and 100,000 BTC. While this marks a meaningful shift in behavior, the pace remains relatively subdued compared to the aggressive accumulation seen in previous bull cycles.

For comparison, rallies in November 2024 and May 2025 were accompanied by long-term holder accumulation nearing 400,000 BTC.

“Historically, sustained shifts from distribution to accumulation tend to occur during periods of market weakness, as long-term investors gradually increase exposure while short-term participants reduce risk,” Glassnode noted in its latest report.

Smaller wallets drive dip buying

The trend becomes more compelling when viewed through Glassnode’s Accumulation Trend Score, which evaluates buying activity across wallet sizes on a 30-day rolling basis. The score, ranging from 0 to 1, has risen notably over the past month, indicating widespread dip-buying.

The strongest accumulation is coming from the smallest holders — wallets with less than 1 BTC — where the trend score sits near 0.8 to 0.9. Mid-sized wallets holding between 100 and 1,000 BTC are also showing similarly strong accumulation.

Wallets in the 1–10 BTC and 10–100 BTC categories 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 at a more moderate level of roughly 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 fully participate in the accumulation trend.

Even so, the broad-based buying across most wallet segments is notable and indicates that bitcoin around $60,000 is attracting demand from multiple parts of the market simultaneously.

“Periods where accumulation becomes widespread across wallet sizes have historically laid the groundwork for longer-term recoveries, though continued buying is needed for confirmation,” Glassnode said.

The firm cautioned that it may be premature to declare a full accumulation phase, as sustained participation from the largest holders is still missing for the trend to become self-reinforcing.