Glassnode analytics revealed that the largest Bitcoin holders are now back in accumulation after briefly being in distribution. According to the firm, all wallet cohorts indicated varying degrees of buying. At the time of publication, BTC is currently exchanging hands at $104,786, a 3.75% drop in the last 7 days. The digital asset is also a few percentage points shy of its all-time high of $111.970, but despite its small pullback, BTC is still up 13% this year. BTC struggles to push past its all-time high While its price may appear stable on the surface, on-chain data suggests a shift from distribution to accumulation among Bitcoin’s largest holders. Glassnode’s Accumulation Trend Score, a measure of accumulation behavior across various wallet-size cohorts, suggested the shift in BTC’s market dynamics. The metric evaluates purchasing strength by combining the size of wallet entities with the volume of BTC acquired over the past 15 days. The firm also noted that wallets associated with exchanges and miners are excluded from the analysis to provide a clearer picture of investor behavior