Glassnode: Long-term Bitcoin holders have returned to the accumulation phase.

Latest data from Glassnode sends a noteworthy signal: long-term Bitcoin holders (LTH) have officially shifted from a net distribution state to net accumulation, with the 30-day net position change turning positive. The net accumulation size is currently estimated to be between 50,000 and 100,000 BTC.

Glassnode points out that the sustainable shift from distribution to accumulation among long-term holders typically occurs during market downturns when patient investors see accumulation opportunities while short-term participants are reducing risk and withdrawing. This is typical behavior before sustainable recoveries in Bitcoin’s history.

Analysis by Wallet Size: Synchronized Accumulation Across Groups

Notably, the accumulation trend is occurring synchronously across different wallet sizes—a rare positive signal. The accumulation trend score for each group shows:

• The smallest wallet group (under 1 BTC) scores nearly 0.8 to 0.9, reflecting strong buying power from retail investors.
• The medium wallet group from 100 to 1,000 BTC also scores similarly.
• The 1 to 10 BTC and 10 to 100 BTC groups score around 0.6 to 0.7, still leaning towards accumulation.
• The 1,000 to 10,000 BTC group scores about 0.5 to 0.6—a slightly neutral buying stance.
• The largest whale group over 10,000 BTC remains near neutral, with no clear buying signs.

Further Confirmation Needed from the Largest Whales

Glassnode cautiously notes that although synchronized accumulation across various wallet sizes is a positive signal, the largest holders not yet participating in accumulation means more time is needed to confirm a comprehensive accumulation trend. Historically, the participation of large whales has often been the most crucial sign of a true market bottom.

Glassnode’s data released today adds further on-chain evidence supporting the cautiously optimistic view from Coinbase Institutional and Binance Research earlier, suggesting that the Bitcoin market may be forming a bottom and entering an accumulation phase before the next recovery cycle.