Long-term bitcoin holders have shifted back to net accumulation after an extended period of distribution, according to Glassnode.

Bitcoin has rebounded above $60,000 from 21-month lows earlier this week, with on-chain data pointing to improving underlying momentum.

Glassnode’s analysis highlights strengthening fundamentals beneath the surface, countering the bearish mood that followed June’s roughly 20% decline. A key signal, the long-term holder net position change, has turned positive again after months of selling pressure.

This metric tracks the 30-day net change in supply held by wallets that have held coins for at least 155 days, defining them as long-term holders under Glassnode’s methodology.

Current estimates suggest these investors are accumulating between 50,000 and 100,000 BTC on a net basis. While this marks a clear behavioral shift, the pace remains relatively subdued compared with prior bull market cycles.

For comparison, rallies in November 2024 and May 2025 saw long-term holder accumulation approach 400,000 BTC.

“Historically, transitions from distribution to accumulation tend to occur during periods of market weakness, as long-term investors steadily build positions while short-term holders reduce exposure,” Glassnode said in its latest report.

Dip buying broadens across cohorts

The trend becomes more compelling when viewed through Glassnode’s Accumulation Trend Score, which measures buying activity across wallet sizes on a rolling 30-day basis from 0 to 1. The indicator has moved higher in recent weeks, signaling increasingly broad-based dip buying.

The strongest accumulation is evident among the smallest wallets — those holding less than 1 BTC — where scores are near 0.8 to 0.9. Mid-sized holders with balances between 100 and 1,000 BTC are also showing similarly strong buying behavior.

Wallets in the 1–10 BTC and 10–100 BTC ranges are accumulating at a moderate pace, with scores around 0.6 to 0.7. Larger entities holding between 1,000 and 10,000 BTC have also turned net buyers, though at more moderate levels near 0.5 to 0.6.

The largest whale cohort — wallets with more than 10,000 BTC — remains closer to neutral, with readings around 0.4 to 0.5, indicating that the biggest players have yet to fully engage in the trend.

Still, the synchronized accumulation across most wallet groups is notable and suggests that bitcoin near $60,000 is attracting demand from multiple parts of the market.

“Historically, widespread accumulation across wallet sizes has often provided a constructive base for longer-term recoveries, though confirmation requires sustained buying,” Glassnode said.

The firm cautioned that it may be too early to declare a full accumulation phase, as stronger participation from the largest holders is still needed for the trend to become self-sustaining.