CoinDesk
Bitcoin's long-term holders have flipped from net distribution back to net accumulation, according to Glassnode's latest on-chain read, with the cohort adding roughly 50,000 to 100,000 BTC on a 30-day basis. The signal cuts against the bearish surface after June's 20% drop and suggests demand is quietly rebuilding at current price levels.
Why it matters
Glassnode defines long-term holders as wallets that have held coins for at least 155 days. The 30-day net position change has crossed back into positive territory after an extended distribution phase, with the current pace of accumulation running between 50,000 and 100,000 BTC, modest relative to the roughly 400,000 BTC waves seen during the November 2024 and May 2025 upswings, but a clear behavioral shift.
The broader Accumulation Trend Score reinforces the picture. Smallest holders under 1 BTC and mid-sized wallets in the 100 to 1,000 BTC range are reading near maximum at roughly 0.8 to 0.9. The 1 to 10 BTC and 10 to 100 BTC cohorts sit at a moderate 0.6 to 0.7, and the 1,000 to 10,000 BTC band has joined as net buyers at around 0.5 to 0.6. The largest whales above 10,000 BTC remain closer to neutral at 0.4 to 0.5, the cohort that has yet to commit.
Market impact
Glassnode framed the move as constructive but conditional. The synchronized buying across most wallet sizes historically lays a foundation for longer-term recoveries, yet the largest holders' absence is a real gap. Until the 10,000-plus BTC wallets lean in, the firm warned, it is too early to call this a full accumulation regime, and confirmation through sustained flows remains the open question with BTC anchored near $60,000.
Frequently asked questions
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What did the Glassnode data actually show about Bitcoin's long-term holders?
The 30-day net position change for wallets holding for at least 155 days crossed back into positive territory after an extended distribution phase, with the cohort adding roughly 50,000 to 100,000 BTC on a net basis.
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How does this compare to past accumulation waves?
The current pace is modest versus prior bull market episodes. Net long-term holder accumulation approached 400,000 BTC during the November 2024 and May 2025 upswings, versus an estimated 50,000 to 100,000 BTC today.
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Which wallet cohorts are doing the most buying?
The smallest holders under 1 BTC and the 100 to 1,000 BTC mid-sized band are reading near maximum on Glassnode's Accumulation Trend Score, around 0.8 to 0.9. The 1 to 10 BTC and 10 to 100 BTC cohorts sit at 0.6 to 0.7, and the 1,000 to 10,000 BTC band has joined as net buyers at 0.5 to 0.6.
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Why are the biggest whale wallets still on the sidelines?
The cohort above 10,000 BTC is reading closer to neutral at 0.4 to 0.5, the weakest score among the major bands. Glassnode flagged this gap and said the largest holders have yet to commit meaningfully.
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Does this mean Bitcoin has bottomed?
Glassnode stopped short of calling a full accumulation regime, noting that sustained buying and confirmation from the largest whales remain the open question with BTC anchored near $60,000.
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