Glassnode reports a transition from net distribution to net accumulation among long-term holder wallets.
By Omkar Godbole|Edited by Shaurya Malwa Jul 2, 2026, 6:17 a.m. 2 min readMake preferred on ShareShare this articleCopy linkX (Twitter)LinkedInFacebookEmailMake preferred on BTC long-term holders return to accumulation. (Mick Haupt/Unsplash)SummaryShow- According to Glassnode, wallets categorized as long-term holders, which have maintained their coins for a minimum of 155 days, are now in a phase of net accumulation rather than net distribution, indicating a resurgence in demand for Bitcoin.
- While smaller and mid-sized wallets are actively purchasing during dips, the largest wallets, referred to as whales, are largely neutral, leading analysts to suggest that it may be premature to declare a full accumulation phase.
Bitcoin's BTC$60,224.37 has climbed back above the $60,000 mark, rebounding from the 21-month lows recorded earlier this week.
Glassnode's analysis of blockchain trends reveals that positive movements are occurring, countering the negative sentiment that followed June's 20% decline.
One significant indicator of this positive shift is the change in the net position of long-term holders, which has turned positive after a lengthy period of distribution. This metric tracks the 30-day net change in the supply held by wallets that have held their assets for at least 155 days, classifying them as long-term holders in Glassnode's terminology.
The current net accumulation is estimated to be between 50,000 and 100,000 BTC, as indicated by Glassnode's data. This marks a notable behavioral shift, although the speed of accumulation is still modest compared to the significant buying seen in previous bull markets.
For context, price increases noted in November 2024 and May 2025 witnessed net long-term holder accumulation nearing 400,000 BTC.
Glassnode commented, "Historically, transitions from net distribution to net accumulation have frequently occurred during market downturns, as long-term investors gradually increase their holdings while shorter-term investors seek to reduce risk."
Small Wallets Drive Dip-Buying Activity
The broader accumulation landscape becomes even more interesting when analyzed through Glassnode's Accumulation Trend Score. This metric evaluates buying patterns across different wallet sizes on a rolling 30-day basis, scaled from 0 to 1, and has shown a significant upward movement over the past month, indicating widespread bargain hunting.
The strongest accumulation activity is being observed among the smallest holders, those with under 1 BTC, whose trend score is approaching its peak at approximately 0.8-0.9. Mid-sized wallets, containing between 100 and 1,000 BTC, are also showing similar scores. Wallets with 1-10 BTC and 10-100 BTC display moderate accumulation, with scores around 0.6-0.7. Larger wallets, those with 1,000-10,000 BTC, have also begun to accumulate, albeit at a moderate level of 0.5-0.6.
In contrast, the largest whale wallets, which hold over 10,000 BTC, remain close to neutral with scores around 0.4-0.5, indicating that these major players have not yet significantly engaged in the accumulation trend.
Nonetheless, the synchronized accumulation across various wallet sizes is noteworthy, suggesting that Bitcoin's price around $60,000 is enticing enough to draw interest from multiple market segments simultaneously.
Glassnode stated, "Historically, widespread accumulation across different wallet sizes has often laid the groundwork for longer-term market recoveries, but confirmation through sustained buying is crucial."
They also cautioned that it is premature to label this as a full accumulation phase, given that the largest holders have not yet started accumulating in a way that would support a self-sustaining trend.
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