Bitcoin's Sub-$60K Stumble Triggered a 260K-BTC Shopping Spree, and Apparently the Whales Were at the Mall Too 🛒

Investors snapped up a net 259,298 BTC between June 5 and the time of writing, paying between $59,000 and $67,000 per coin, according to Glassnode's UTXO Realized Price Distribution data. The buying binge followed bitcoin's slide below $60,000 earlier this month, with the largest cryptocurrency recently changing hands at $66,337.44, up 0.27% on the day.

Glassnode's Accumulation Trend Score, which gauges the relative strength of purchasing activity based on both buyer size and the amount acquired over the prior 15 days, has hit 1.0, its maximum possible reading. The aggregate score has now held at peak levels for more than two weeks, marking the most aggressive accumulation behavior seen during the current drawdown.

The buying has been notably broad-based across wallet cohorts. Glassnode's cohort-level data shows accumulation spanning from retail holders with less than 1 BTC up to entities controlling 100 to 1,000 BTC, a shift from the March-through-May stretch during which most groups were net distributors while bitcoin hovered around $70,000.

The scale of the purchases, roughly a quarter of a million coins added on a net basis in just over a week, underscores the demand response triggered by the price dip below the $60,000 threshold. With the Accumulation Trend Score at its ceiling and participation cutting across every major wallet size bracket, the data points to coordinated accumulation rather than the action of any single cohort.

The activity marks a clear reversal from the distribution pattern that characterized the $70,000 range through the spring, when most wallet groups were reducing exposure amid sideways price action.