Bitcoin Enters Early Stages of Accumulation, Report Says

Glassnode suggests that Bitcoin (BTC) is transitioning from a corrective phase to accumulation. The report, written in collaboration with Coinbase Institutional, maintains a neutral outlook for Q3.

The market remains under pressure from a firmer macro liquidity backdrop, and BTC's price stays more dependent on the liquidity cycle than crypto-specific catalysts. Glassnode states that the current environment can be observed as the 'early innings of a bottoming process,' but notes that the market should not yet be considered to have established a durable low.

The report also mentions that Bitcoin's performance has diverged from its historical cycle patterns, and its correlation with US equities decreased. BTC daily return correlation with the S&P 500 fell to 0.12 in Q2, down sharply from 0.58 in Q4 2025.

Glassnode notes that signs of accumulation are rising amid reduced speculative activity. The share of Bitcoin supply held in profit fell below its lower statistical band, placing the asset firmly within a historical accumulation zone heading into Q3.