Bitcoin On-Chain Accumulation Strengthened After Pullback to $60,000

Bitcoin saw stronger on-chain accumulation during the pullback that drove the token to the $60,000 level earlier this month, according to Glassnode.

The on-chain analytics firm wrote in a post on X on June 15 that its Accumulation Trend Score measures the relative size of entities increasing their holdings on-chain. The metric reflects both the size of balances held and recent changes in those balances.

A reading closer to 1 signals broad accumulation, while a figure nearer 0 indicates distribution or selling, Glassnode said.

As Bitcoin fell into the $60,000 range in early June, the aggregate Accumulation Trend Score began shifting toward accumulation across several investor groups, according to the firm.

Glassnode said the pattern was consistent with broad buy-the-dip activity. It shows the price decline was met with rising on-chain demand rather than additional selling, the firm added.

That suggests investors used the recent Bitcoin correction as a buying opportunity instead of reducing their holdings.