Key Facts

• Long-term holders of Bitcoin, 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.
• 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, which is a notable positive behavioral change but still modest compared to prior bull markets.
• Smaller holders, with wallets containing under 1 BTC, and mid-sized entities, holding between 100 and 1,000 BTC, are leading the accumulation trend, with trend scores near maximum at roughly 0.8-0.9 and close to that range, respectively.
• The largest whale cohort, with wallets holding more than 10,000 BTC, remains mostly neutral, with a trend score of around 0.4-0.5, suggesting they have yet to commit meaningfully to the accumulation trend.
• 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, according to Glassnode.