Broad-based buying returns to Bitcoin after a steep capitulation.

Bitcoin started February trading around $80,000, with large holders beginning to accumulate as retail investors moved to the sidelines. Within a week, the price fell sharply, dropping to $60,000 on Feb. 5. Since then, on-chain data points to a broad shift toward accumulation across most investor cohorts as market participants reassess value.

The shift follows one of the most intense capitulation events in bitcoin’s history, which now appears to be transitioning into a more synchronized accumulation phase.

Glassnode’s Accumulation Trend Score by cohort captures the change in behavior. The metric evaluates accumulation strength across wallet sizes by accounting for both entity size and the amount of bitcoin accumulated over the past 15 days. Scores closer to 1 signal accumulation, while values nearer to 0 indicate 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 formed a local bottom near $80,000.

The most pronounced dip buying has come from wallets holding between 10 and 100 BTC, particularly as prices approached the $60,000 level.

While it remains unclear whether the market has definitively bottomed, the data suggests investors are once again accumulating bitcoin following a drawdown of more than 50% from its October all-time high.