Key facts
- Long-term holders of Bitcoin have returned to accumulating coins.
- This shift is indicated by Glassnode data tracking wallets holding coins for at least 155 days.
- Smaller wallets (under 1 BTC) and mid-sized wallets (100-1,000 BTC) are leading the current accumulation trend.
- The largest whale wallets, holding over 10,000 BTC, remain largely neutral.
- The current accumulation pace is modest compared to previous bull markets.
Bitcoin's price has recovered above $60,000, with blockchain data from Glassnode indicating positive undercurrents despite recent market drops. Long-term holders, defined as those holding Bitcoin for at least 155 days, have shifted from net distribution to net accumulation. This trend is currently estimated to be in the range of 50,000 to 100,000 BTC on a net basis, a pace described as modest compared to previous bull markets. The accumulation is being led by smaller wallets (under 1 BTC) and mid-sized wallets (100-1,000 BTC), which show strong accumulation scores. Wallets holding between 1-10 BTC and 10-100 BTC are also showing moderate accumulation, as are larger wallets holding 1,000-10,000 BTC. However, the largest whale cohort, wallets holding over 10,000 BTC, remain neutral, indicating that the biggest players have not yet significantly committed to buying. Glassnode notes that historically, sustained transitions from distribution to accumulation often occur during market weakness, as long-term investors increase holdings. While the widespread accumulation across most wallet sizes suggests Bitcoin at $60,000 is attractive, the firm cautions that it is too early to declare a full accumulation regime until the largest holders begin to participate more actively.