Bitcoin has climbed back above $60,000, and on-chain data is showing a change in behavior that cuts against the bearish tone that followed June’s roughly 20% decline. Glassnode said the net position change for long-term holders has turned positive again after an extended period of net distribution.
The metric tracks the 30-day net change in supply held by wallets that have kept coins for at least 155 days. Under Glassnode’s framework, those wallets qualify as long-term holders. Based on the firm’s chart, net accumulation is now running at roughly 50,000 to 100,000 BTC. That is a meaningful shift in behavior, though still far below the pace seen in stronger bull-market buying waves.
Net accumulation returns after a distribution phase
Glassnode said past transitions from net distribution to sustained net accumulation have often appeared during weaker market periods. In those phases, long-term investors gradually add to holdings while shorter-term participants reduce risk. The current move fits that pattern and points to fresh coin absorption on-chain rather than aggressive momentum chasing.
The comparison with earlier rallies is sharp. During price advances in November 2024 and May 2025, net accumulation by long-term holders approached 400,000 BTC. This time the direction has improved, but the scale remains much smaller.
Small wallets and mid-sized holders are leading dip-buying
Glassnode’s broader Accumulation Trend Score also moved higher over the past month. The indicator measures buying activity across wallet sizes on a rolling 30-day basis using a scale from 0 to 1. The recent rise suggests bargain hunting has spread across a wide part of the market.
The strongest accumulation is showing up in wallets holding less than 1 BTC, where the score is near 0.8 to 0.9. Entities with 100 to 1,000 BTC are also near that range. Wallets holding 1 to 10 BTC and 10 to 100 BTC show moderate accumulation around 0.6 to 0.7. Larger wallets in the 1,000 to 10,000 BTC band have also turned into net buyers, though with more moderate readings of about 0.5 to 0.6.
The biggest whales are still near neutral
The one group that stands apart is the largest whale cohort. Wallets holding more than 10,000 BTC remain closer to neutral, with readings around 0.4 to 0.5. That suggests the biggest players have not yet committed in a meaningful way to the current accumulation trend.
Even so, the fact that most wallet cohorts are buying at the same time is notable. In Glassnode’s reading, Bitcoin around $60,000 is attracting demand from several parts of the market at once.