“Historically, sustainable transitions from net distribution to net accumulation have often emerged during periods of market weakness, as long-term investors gradually increase their holdings while short-term participants reduce risk,” Glassnode said in its latest report.
Small Wallets Lead Buying Down
The signal becomes more interesting when looking at the broader picture of accumulation using Glassnode’s Accumulation Trend Score. This metric measures purchasing behavior based on wallet sizes on a 30-day rolling basis on a scale of 0 to 1, and has increased significantly over the past month, suggesting bargain hunting on a large scale.
The strongest accumulation currently appears among the smallest holders (less than 1 BTC), whose trend score appears close to the maximum, at around 0.8-0.9, and mid-sized entities holding between 100 and 1,000 BTC, which are also near this range. Portfolios in the 1-10 BTC and 10-100 BTC cohorts are showing moderate accumulation at around 0.6-0.7, while larger portfolios in the 1,000-10,000 BTC range have also become net buyers, albeit at a moderate level of around 0.5-0.6.
What stands out is the largest cohort of whales, wallets holding more than 10,000 BTC, which are still approaching neutrality at around 0.4-0.5, suggesting that the largest players have not yet significantly engaged in the accumulation trend.
Nonetheless, 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 multiple corners of the market at once.
