Glassnode Says Bitcoin Long-Term Holders Turn Net Buyers While Whales Remain on Sidelines

Bitcoin “accumulation addresses” are generally wallets that keep buying and rarely sell, making them a gauge of long-term investor demand. Miners, meanwhile, are a steady source of market supply. CryptoQuant’s on-chain data show stronger accumulation alongside easing miner sales, an important signal for assessing Bitcoin’s supply-demand dynamics in 2024.

As of the week covered by the report, Bitcoin accumulation addresses recorded net inflows of more than 67,000 BTC over seven days, while long-term holder demand rose 48.5%. The wallets had absorbed about 4.37 million BTC in total. CryptoQuant’s Miners’ Position Index (MPI) also fell to its lowest level of 2024, indicating that selling pressure from miners had eased significantly.

Bitcoin’s supply is capped at 21 million coins, and continued accumulation by long-term holders reduces the amount available for trading on exchanges. Stockpiling strategies led by major institutions such as MicroStrategy have therefore become an important gauge of market liquidity and potential supply-demand imbalances.

Since the end of 2025, the cohort known as “conviction buyers” has expanded by 300% and now holds about 4 million BTC, nearly 20% of Bitcoin’s maximum supply. About 70% of recent entrants have unrealized gains. Analysts warned that if demand accelerates, declining liquid supply on exchanges could amplify price swings and trigger a supply shock.