Bitcoin accumulation surges across wallets as BTC tests $61,000 resistance

Bitcoin rose 2.7% to $61,684 as wallets across retail and whale cohorts shifted to accumulation, on-chain data shows.

"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," Glassnode said in a report.

The firm's Accumulation Trend Score shows the strongest buying among wallets holding less than 1 BTC, with a reading near 0.9 on a 0-to-1 scale. Mid-sized entities with 100 to 1,000 BTC also registered near-maximum accumulation. The long-term holder net position change flipped positive for the first time in months, with net accumulation running at 50,000 to 100,000 BTC over the past 30 days, according to Glassnode. CoinGecko data showed 24-hour trading volume of $41.3 billion.

The shift suggests Bitcoin at current levels is attracting demand from multiple corners of the market simultaneously. Still, Glassnode cautioned it is too early to call this a full accumulation regime, as wallets holding more than 10,000 BTC — the largest whale cohort — remain near neutral with a reading of roughly 0.4.

Retail and Mid-Sized Whales Lead the Buying

Crypto analyst Ali Martinez noted that retail investors holding less than 1 BTC have turned net buyers over the last 30 days, alongside mid-sized whales with balances between 10 and 100 BTC. Large entities holding between 1,000 and 100,000 BTC have also stopped selling and shifted to accumulation, Martinez said, citing on-chain data. When small holders and large whales buy at the same time, it has historically signaled a strong price floor, according to Martinez.

BTC Faces Key Test at $61,000

Bitcoin was trading at $61,684 as of press time, approaching the $61,000 resistance zone for the second time this week. A bounce from the $59,000 to $59,500 support area suggested buyers were stepping back into the market, according to trader That Martini Guy. A sustained move above $61,000 could open the path toward $63,500, the next major resistance level. Losing that level would bring another retest of the $59,000 region. Traders are also watching the release of Non-Farm Payrolls data, which could introduce additional volatility around the $60,000 level.

This article is for informational purposes only and does not constitute investment advice.