Bitcoin Reclaims $60K as Glassnode Data Signals Renewed Long-Term Accumulation

Bitcoin (BTC) has climbed back above the $60,000 mark after briefly falling to its lowest level in 21 months earlier this week, offering fresh optimism for investors despite the cryptocurrency's nearly 20% decline in June. While recent price action has fueled bearish sentiment across the market, new blockchain data from Glassnode suggests that underlying on-chain fundamentals are beginning to improve.

According to Glassnode, one of the strongest bullish signals comes from the long-term holder net position change, which has returned to positive territory after an extended period of distribution. This metric tracks the 30-day net change in Bitcoin held by wallets that have retained their coins for at least 155 days, identifying investors who typically demonstrate long-term conviction.

Current estimates indicate that long-term holders are accumulating between 50,000 and 100,000 BTC on a net basis. Although this pace remains significantly lower than the nearly 400,000 BTC accumulated during the strong rallies of November 2024 and May 2025, the shift marks an important change in market behavior.

Glassnode noted that transitions from distribution to accumulation have historically occurred during periods of market weakness, as experienced investors gradually increase their holdings while short-term traders reduce exposure.

The firm's Accumulation Trend Score, which measures buying activity across different wallet sizes over a rolling 30-day period, also points to growing confidence. The strongest buying has come from smaller investors holding less than 1 BTC, with trend scores approaching 0.9. Wallets holding between 100 and 1,000 BTC have also shown strong accumulation, while investors with 1 to 100 BTC continue to buy at a moderate pace.

Even larger wallets holding between 1,000 and 10,000 BTC have shifted toward net buying, although accumulation remains less aggressive. The only notable exception is the largest whale addresses, those controlling more than 10,000 BTC, which continue to display mostly neutral behavior and have yet to fully participate in the latest buying trend.

Despite the absence of significant whale accumulation, Glassnode believes the broad-based demand across multiple wallet categories provides an encouraging foundation for Bitcoin's long-term outlook. Historically, widespread accumulation across various investor groups has often preceded sustained market recoveries.

However, the analytics firm cautioned that it is still too early to declare the start of a new accumulation cycle. Stronger confirmation will depend on continued buying pressure, particularly from the largest Bitcoin holders, whose participation could help transform the current recovery into a more durable bullish trend.

As Bitcoin stabilizes above $60,000, investors will continue monitoring on-chain metrics and whale activity for signs that the cryptocurrency market is entering its next phase of long-term growth.