Bitcoin long-term holders return to net accumulation

Accumulation Across Wallet Sizes

Current accumulation by long-term holders is running in the range of roughly 50,000 to 100,000 BTC on a net basis, according to Glassnode data. The shift contradicts the bearish sentiment that followed Bitcoin's 20% drop in June.

Buying behavior varies significantly across wallet sizes. The smallest holders (under 1 BTC) show the strongest accumulation with a trend score near maximum at roughly 0.8-0.9. Mid-sized entities holding between 100 and 1,000 BTC show trend scores close to 0.8-0.9, while wallets in the 1-10 BTC and 10-100 BTC cohorts show moderate accumulation at roughly 0.6-0.7.

Larger wallets in the 1,000-10,000 BTC range have turned net buyers at a moderate reading of around 0.5-0.6. The largest whale cohort—wallets holding more than 10,000 BTC—reads closer to neutral at roughly 0.4-0.5.

Historical Patterns and Caution

Historically, sustained transitions from net distribution to net accumulation have often emerged during periods of market weakness, as long-term investors gradually increase their holdings while shorter-term participants de-risk

Glassnode noted that periods where accumulation becomes widespread across wallet sizes have often provided a constructive foundation for longer-term market recoveries. However, the analytics firm cautioned that it is too early to call this a full accumulation regime, as the largest holders have yet to begin accumulating.

For context, in November 2024 and May 2025, net long-term holder accumulation approached 400,000 BTC—substantially higher than current levels. Glassnode's Accumulation Trend Score measures buying behavior across wallet sizes on a rolling 30-day basis on a scale from 0 to 1.