“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 short-term participants reduce risk,” Glassnode said in its latest report.
Small wallets lead dip purchases
The signal becomes more interesting when looking at the broader accumulation picture with the help of Glassnode’s accumulation trend score. This indicator measures buying behavior across various portfolio sizes over a 30-day period on a scale of 0 to 1, and has increased significantly over the past month, suggesting broad-based bargain hunting.
The strongest accumulation is currently showing among the smallest holders (less than 1 BTC), whose trend score appears close to the maximum at around 0.8-0.9, and medium-sized entities with between 100 and 1000 BTC, which are also close to that range. Wallets in the 1 to 10 BTC and 10 to 100 BTC cohorts show moderate accumulation of around 0.6 to 0.7, while larger wallets in the 1,000 to 10,000 BTC range have also become net buyers, albeit at a moderate reading of around 0.5 to 0.6.
What stands out is the largest cohort of whales, wallets with over 10,000 BTC, which is still approaching neutrality at about 0.4-0.5, suggesting that the largest players have yet to significantly commit to the accumulation trend.
Still, the synchronized accumulation in most wallet-sized cohorts is significant and suggests that BTC at $60,000 is cheap enough to attract new demand from several corners of the market at once.
