Bitcoin entered February trading near $80,000, with larger holders beginning to accumulate while retail investors exited positions. Within days, the price slid sharply, reaching $60,000 on Feb. 5. Since then, on-chain indicators show a broad-based shift back toward accumulation as investors reassess value at lower levels.

The move follows one of the sharpest capitulation events in bitcoin’s history, which now appears to be evolving into a more coordinated accumulation phase.

This shift is reflected in Glassnode’s Accumulation Trend Score by cohort, which measures the strength of accumulation across wallet sizes by accounting for both entity size and the amount of bitcoin accumulated over the past 15 days. Scores closer to 1 indicate accumulation, while values nearer to 0 signal distribution.

On a market-wide basis, the Accumulation Trend Score has risen above 0.5 to 0.68. This marks the first instance of broad-based accumulation since late November, a period that previously coincided with bitcoin forming a local bottom near $80,000.

Wallets holding between 10 and 100 BTC have been the most aggressive dip buyers, particularly as prices approached the $60,000 level.

While it remains uncertain whether bitcoin has established a definitive bottom, the data suggests investors are increasingly stepping in after a drawdown of more than 50% from the October all-time high.