DATA & FIGURES
The current accumulation appears to be running in the range of roughly 50,000 to 100,000 BTC on a net basis, based on Glassnode's chart. For context, price upswings in November 2024 and May 2025 saw net long-term holder accumulation approaching 400,000 BTC. Additionally, BTC is up 3.03% at $60,444.95, while ETH is up 3.32% at $1,625.76, and XRP is up 1.71% at $1.06.
THE SCENARIO
The shift in behavior among long-term holders is significant, as it suggests that BTC at $60,444.95 is cheap enough to attract new demand from several corners of the market at once. This is particularly notable given the bearish sentiment following June's 20% drop, and the fact that the largest whale wallets remain mostly neutral, prompting analysts to say it is still too early to call this a full accumulation regime.
DIRECT QUOTE
"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
BBN INSIGHT
The Positive Side: The shift in behavior among long-term holders is a positive sign for the market, as it suggests that BTC is becoming more attractive to investors. This could lead to increased demand and higher prices in the long term. The Negative Side: However, it is still too early to call this a full accumulation regime, as the largest holders have yet to begin accumulating for the trend to become self-sustaining. Additionally, the pace of accumulation remains modest compared to prior bull markets, which could limit the upside potential for BTC.
MARKET REACTION
The price of BTC has responded positively to the news, rising 3.03% to $60,444.95. Other cryptocurrencies, such as ETH and XRP, have also seen gains, with ETH up 3.32% at $1,625.76, and XRP up 1.71% at $1.06.