BlockBeats News, July 2nd, Glassnode's latest report shows that Bitcoin long-term holders (wallet addresses holding for over 155 days) have switched from net distribution to net accumulation. This indicator, as Bitcoin's price reclaimed above $60,000 and rebounded from this week's 21-month low, has provided a positive signal for the bearish market.

According to Glassnode's analysis, the current net accumulation by long-term holders is estimated to be between 50,000 to 100,000 bitcoins. Although far from the peak of around 400,000 bitcoins seen in November 2024 and May 2025 during the bull markets, the directional shift itself is significant. Glassnode points out that historically, a sustained shift from net distribution to net accumulation often occurs in market downturns, where long-term investors gradually increase their positions while short-term participants reduce their risk exposure.

Looking at the broader picture of accumulation, Glassnode's "HODLer Net Position Change" has significantly risen in the past month, indicating widespread buy-the-dip behavior across wallets of all sizes. Retail holders (those with less than 1 BTC) and mid-sized holders (100 to 1,000 BTC) have the highest accumulation scores, around 0.8 to 0.9; holders of 1 to 100 BTC have scores ranging from 0.6 to 0.7; large wallets holding 1,000 to 10,000 BTC have also shifted to net buying, with scores around 0.5 to 0.6.

However, the largest whale group (holding over 10,000 BTC) has a score of only about 0.4 to 0.5, remaining close to neutral without showing a clear willingness to accumulate. Glassnode issues a warning, stating that claiming the market has already entered a full accumulation phase is premature, emphasizing that the participation of the largest holders is needed to truly reinforce the trend.