finance
Bitcoin Long-Term Holders Turn to Net Accumulation, Though Largest Wallets Stay Neutral
Long-term Bitcoin holders have moved from net distribution to net accumulation of 50,000 to 100,000 BTC over the past 30 days, according to Glassnode data. Smaller and mid-sized wallets lead the buying after a 20% price drop in June.
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Long-term Bitcoin holders have shifted from net distribution to net accumulation, with the 30-day net change in supply held by wallets containing coins for at least 155 days now positive in the range of 50,000 to 100,000 BTC, Glassnode data showed. Bitcoin traded at $60,204.42 on July 2, recovering from 21-month lows reached earlier in the week and moving back above the $60,000 level after a 20% decline during June.
The Accumulation Trend Score, which tracks buying behavior across wallet sizes on a 30-day rolling basis, has risen over the past month.
Wallets holding under 1 BTC and those holding 100 to 1,000 BTC show the strongest readings near 0.8-0.9, while cohorts of 1-10 BTC and 10-100 BTC register moderate accumulation at 0.6-0.7. Wallets holding 1,000 to 10,000 BTC have turned net buyers at a moderate score of 0.5-0.6. The largest wallets, those with more than 10,000 BTC, remain near neutral at 0.4-0.5.
"Historically, sustained transitions from net distribution to net accumulation have often emerged during periods of market weakness," Glassnode stated. The firm noted that widespread accumulation across wallet sizes has often supported longer-term recoveries, though it added that the largest holders have yet to participate, making it too early to describe the current pattern as a full accumulation regime.
