Accumulation Returns as Long-Term Bitcoin Holders Add to Positions

Long-term bitcoin holders have turned back to accumulation following a prolonged period of net selling, according to Glassnode.

Bitcoin has recovered above the $60,000 mark after briefly falling to 21-month lows earlier this week, with on-chain data suggesting a gradual improvement in underlying conditions.

Glassnode’s analysis points to strengthening signals beneath the surface, pushing against the bearish sentiment that followed June’s roughly 20% decline. The long-term holder net position change — a key indicator — has shifted back into positive territory after months of distribution.

This metric measures 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 figures suggest net accumulation in the range of 50,000 to 100,000 BTC. While this marks a meaningful shift in behavior, the pace remains modest compared with previous bull market phases.

For context, rallies in November 2024 and May 2025 saw long-term holder accumulation approach 400,000 BTC.

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

Dip buying spreads across wallet sizes

The trend becomes more compelling when viewed through Glassnode’s Accumulation Trend Score, which tracks buying activity across wallet cohorts on a rolling 30-day basis using a scale from 0 to 1. The indicator has climbed notably in recent weeks, pointing to increasingly broad-based dip buying.

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

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 at more moderate levels of roughly 0.5 to 0.6.

The largest whale cohort — wallets with more than 10,000 BTC — remains closer to neutral, with scores around 0.4 to 0.5, indicating that the biggest players have yet to significantly increase exposure.

Even so, the synchronized accumulation across most wallet segments is notable and suggests that bitcoin near $60,000 is drawing demand from multiple corners of the market.

“Periods of widespread accumulation across wallet sizes have historically helped build a foundation for longer-term recoveries, although sustained buying is needed for confirmation,” Glassnode said.

The firm added that it may be premature to call a full accumulation phase, as stronger participation from the largest holders is still required for the trend to become self-reinforcing.