Long-term holders of Bitcoin, defined as those holding coins for over 155 days, have shifted from distributing to accumulating, according to Glassnode data. This trend is led by smaller and mid-sized wallets, while the largest holders remain neutral, suggesting it's too early to confirm a full accumulation regime.
Key Numbers
155 daysminimum holding period for long-term holders
50,000 to 100,000 BTCnet accumulation range
400,000 BTCaccumulation during prior bull markets
0.8-0.9Accumulation Trend Score for smallest and mid-sized wallets
0.6-0.7Accumulation Trend Score for 1-10 BTC and 10-100 BTC wallets
0.5-0.6Accumulation Trend Score for 1,000-10,000 BTC wallets
0.4-0.5Accumulation Trend Score for largest whale wallets
Who's Involved
Glassnode
blockchain analytics firm providing data on holder behavior
↳ Why This Matters
The return of long-term holders to accumulation signals renewed demand and potentially a constructive foundation for future market recoveries, though the participation of the largest holders is key for sustained growth.
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.
Frequently asked questions
A long-term holder is defined as a wallet that has held its Bitcoin coins for at least 155 days.
The smallest holders (under 1 BTC) and mid-sized entities holding between 100 and 1,000 BTC are showing the strongest accumulation.
The current pace of accumulation is modest, estimated between 50,000 to 100,000 BTC on a net basis, which is notably slower than accumulation seen in prior bull markets.
What Happens Next
01Confirmation of sustained buying from the largest holders.
02Monitoring the Accumulation Trend Score across all wallet sizes.
