coindesk.com
Bitcoin's $BTC$60,444.24 price is back above $60,000, recovering from 21-month lows set early this week – and why not.
According to analysis of blockchain data by Glassnode, positive undercurrents are forming beneath the surface, contradicting the bearish sentiment following June's 20% drop.
The most notable of those undercurrents is the long-term holder net position change, which has flipped back into positive territory after an extended period of distribution. The indicator tracks the 30-day net change in supply held by wallets that have held coins for at least 155 days (nearly six months), qualifying them as long-term holders in Glassnode's framework.
The current accumulation appears to be running in the range of roughly 50,000 to 100,000 $BTC on a net basis, based on Glassnode's chart. That's a notable positive behavioral change, though the pace of accumulation remains modest compared to the waves of buying seen during prior bull markets.
For context, price upswings in November 2024 and May 2025 saw net long-term holder accumulation approaching 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 said in its latest report.
Small wallets lead dip-buying
The signal gets more interesting when looking at the broader accumulation picture with the help of Glassnode's Accumulation Trend Score. This indicator measures buying behavior across wallet sizes on a rolling 30-day basis on a scale from 0 to 1, and has shifted meaningfully higher over the past month, suggesting broad-based bargain hunting.
The strongest accumulation is currently showing up among the smallest holders (under 1 $BTC), whose trend score appears near maximum at roughly 0.8-0.9, and mid-sized entities holding between 100 and 1,000 $BTC, which are also reading close to that range. Wallets in the 1-10 $BTC and 10-100 $BTC cohorts show moderate accumulation at roughly 0.6-0.7, while larger wallets in the 1,000-10,000 $BTC range have also turned net buyers, though at a moderate reading of around 0.5-0.6.
What stands out is the largest whale cohort, wallets holding more than 10,000 $BTC, which still reads closer to neutral at roughly 0.4-0.5, suggesting the biggest players have yet to commit meaningfully to the accumulation trend.
Still, the synchronized accumulation across most wallet-size cohorts is significant and suggests that $BTC at $60,000 is cheap enough to attract new demand from several corners of the market at once.