According to CoinDesk citing Glassnode data, Bitcoin long-term holders have shifted from net distribution to net accumulation. This metric tracks the 30-day net position change of wallets that have held coins for at least 155 days. Currently, the net accumulation scale of long-term holders is in the range of about 50k to 100k BTC, indicating that underlying demand has begun to recover after BTC fell to around $60k. Glassnode notes that historically, the shift of long-term holders from net selling to net buying often occurs during weak market phases, as long-term investors gradually add positions while short-term participants reduce risk exposure. Small wallets have become the main force in this round of bottom-fishing, with wallets holding less than 1 BTC showing an accumulation trend near highs, and medium-sized addresses holding 100 to 1,000 BTC also clearly buying.