Glassnode Data Shows BTC Wallets Shift From Distribution to Net Buying

Bitcoin long-term holders have moved back into net accumulation territory after an extended period of distribution, according to blockchain analytics firm Glassnode. The shift comes as BTC prices climbed back above $60,000, recovering from 21-month lows recorded earlier in the week following a 20% decline in June.

Glassnode defines long-term holders as wallets that have held coins for at least 155 days — roughly six months. The firm's long-term holder net position change indicator, which tracks the 30-day net change in supply held by such wallets, has flipped back into positive territory. Based on Glassnode's chart, current net accumulation is running in the range of approximately 50,000 to 100,000 BTC. That figure is modest compared to prior accumulation cycles: price rallies in November 2024 and May 2025 each saw net long-term holder accumulation approach 400,000 BTC.

'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 stated in its latest report.

Broader accumulation trends across wallet sizes were measured using Glassnode's Accumulation Trend Score, a rolling 30-day indicator scaled from 0 to 1. The score has shifted meaningfully higher over the past month, pointing to broad-based dip-buying activity.

The strongest accumulation readings are concentrated among wallets holding under 1 BTC, with trend scores near the maximum at approximately 0.8–0.9. Mid-sized wallets holding between 100 and 1,000 BTC show similarly elevated scores. Wallets in the 1–10 BTC and 10–100 BTC cohorts register moderate accumulation at roughly 0.6–0.7. Larger holders in the 1,000–10,000 BTC range have also turned net buyers, though at a more moderate reading of around 0.5–0.6.

The notable exception is the largest whale cohort — wallets holding more than 10,000 BTC — which still reads closer to neutral at approximately 0.4–0.5. Glassnode analysts noted that the biggest market participants have yet to commit meaningfully to the accumulation trend.

Despite that caveat, the synchronized buying across most wallet-size cohorts signals that BTC at the $60,000 level is drawing demand from multiple market segments simultaneously.

'Historically, periods where accumulation becomes widespread across wallet sizes have often provided a constructive foundation for longer-term market recoveries, although confirmation through sustained buying remains key,' Glassnode said.

The firm stopped short of declaring a full accumulation regime, stating it is too early to make that call while the largest holders remain on the sidelines. Participation from whale wallets holding more than 10,000 BTC would be required for the trend to become self-sustaining, according to Glassnode's analysis.