“Historically, sustained transitions from net distribution to net accumulation have often occurred 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 to dip buying
The signal becomes more interesting when looking at the broader accumulation picture using Glassnode’s Accumulation Trend Score. This indicator measures buying behavior across wallet sizes on a rolling 30-day basis on a scale of 0 to 1, and has moved significantly higher over the past month, indicating broad bargain hunting.
The strongest accumulation is currently seen among the smallest holders (under 1 BTC), whose trend score appears to be near the maximum of around 0.8-0.9, and mid-sized units with between 100 and 1,000 BTC, which also read close to this range. Wallets in the 1-10 BTC and 10-100 BTC cohorts are showing moderate accumulation of around 0.6-0.7, while larger wallets in the 1,000-10,000 BTC range have also turned net buyers, albeit with a moderate reading of around 0.5-0.6.
What stands out is the largest whale cohort, wallets with more than 10,000 BTC, which are still closer to neutral at around 0.4-0.5, suggesting that the biggest players have yet to meaningfully commit to the accumulation trend.
Still, the synchronized accumulation across most wallet-sized 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.
