Bitcoin's Long-Term Holders Shift Back to Accumulation

Glassnode Identifies a Shift from Distribution to Accumulation

Recent analysis from Glassnode indicates that Bitcoin's long-term holders are transitioning back into a phase of net accumulation, reversing the trend of net distribution. This change suggests a renewed interest in Bitcoin as prices rebound above $60,000, marking a recovery from recent lows.

Wallets classified as long-term holders—those that have held Bitcoin for at least 155 days—are currently accumulating between 50,000 and 100,000 BTC. This marks a significant behavioral shift, although the pace of accumulation remains modest compared to previous bull market spikes, where long-term holders amassed nearly 400,000 BTC in November 2024 and May 2025.

Glassnode's data reveals that smaller and mid-sized wallets are actively purchasing during market dips, while larger wallets, often referred to as whales, remain neutral. Analysts caution against labeling this a full accumulation phase until these larger holders begin to engage more significantly.

Small Wallets Lead Accumulation Trends

Glassnode's Accumulation Trend Score shows a notable increase in buying activity, particularly among smaller wallets holding under 1 BTC, which are nearing peak accumulation levels. Mid-sized wallets also display strong scores, while larger wallets show more cautious behavior.

The overall trend is encouraging, with simultaneous accumulation across various wallet sizes highlighting the attractiveness of Bitcoin's current price point. However, Glassnode emphasizes the need for sustained buying from larger holders to confirm a lasting recovery.

"Historically, widespread accumulation across different wallet sizes has often laid the groundwork for longer-term market recoveries," Glassnode noted, while also warning that it is too early to officially declare a full accumulation phase.