Bitcoin's long-term holders have returned to accumulation

Summary

• Long-term holders, defined as wallets that have held coins for at least 155 days, have shifted from net distribution to net accumulation, signaling renewed demand for the cryptocurrency, according to Glassnode data.
• Smaller and mid-sized wallets are leading broad-based dip-buying while the largest whale wallets remain mostly neutral, prompting analysts to say it is still too early to call this a full accumulation regime.

Bitcoin's 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.