“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,” Glassnode said in its latest report.

Small wallets lead dip-buying

The signal gets more interesting when looking at the broader accumulation picture with the help of Glassnode’s Accumulation Trend Score. This indicator measures buying behavior across wallet sizes on a rolling 30-day basis on a scale from 0 to 1, and has shifted meaningfully higher over the past month, suggesting broad-based bargain hunting.

The strongest accumulation is currently showing up among the smallest holders (under 1 BTC), whose trend score appears near maximum at roughly 0.8-0.9, and mid-sized entities holding between 100 and 1,000 BTC, which are also reading close to that range. Wallets in the 1-10 BTC and 10-100 BTC cohorts show moderate accumulation at roughly 0.6-0.7, while larger wallets in the 1,000-10,000 BTC range have also turned net buyers, though at a moderate reading of around 0.5-0.6.

What stands out is the largest whale cohort, wallets holding more than 10,000 BTC, which still reads closer to neutral at roughly 0.4-0.5, suggesting the biggest players have yet to commit meaningfully to the accumulation trend.

Still, 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 several corners of the market at once.