Investors have acquired a net 259,298 Bitcoin between $59,000 and $67,000 over the past 10 days, marking the strongest buying interest observed during the current drawdown. Glassnode’s Accumulation Trend Score has reached its highest possible reading, holding at 1.0 for more than two weeks. This sustained accumulation suggests a significant shift in market sentiment following a period of stagnation around $70,000 from March through May.

Broad-Based Accumulation Across Wallet Cohorts

Data from Glassnode’s UTXO Realized Price Distribution indicates that buying activity is broad-based, spanning every wallet cohort. The accumulation ranges from holders with less than 1 Bitcoin to those holding up to 1,000 coins. This breadth is notable as these same groups were largely net sellers during the prior months of price stagnation. The price dip to $59,000 earlier this month acted as a catalyst, pulling buyers back into the market across the board.

ETF Flows Diverge From Spot Accumulation

While spot accumulation has surged, exchange-traded funds (ETFs) experienced a divergence in flows. Bitcoin ETFs shed a net $64 million on a recent Monday. In contrast, alternative asset classes attracted fresh capital, with Ethereum funds gaining $22.5 million. Hyperliquid funds attracted $17.2 million, while XRP and Solana funds each added approximately $2.8 million.

The asset scale remains heavily skewed toward Bitcoin. BTC ETFs hold roughly $83 billion in assets, compared to approximately $10 billion for Ethereum and around $1 billion each for XRP, Solana, and Hyperliquid products.

Recent Fund Flows

Critical Price Levels Test Market Recovery

Bitcoin is currently trading at $66,440, facing a critical technical test at the convergence of a descending trendline from May’s $83,000 peak and the 20-day Exponential Moving Average (EMA) at $66,670. The Relative Strength Index (RSI) stands at 44.47, climbing from oversold lows but remaining below 50, which suggests that bull control is not yet confirmed.

A daily close above $66,670 would confirm a trendline break, targeting $70,510 and subsequently $73,156. Conversely, rejection at this level followed by a loss of the $65,000 support could trigger a retest of $62,000 and the June lows at $59,000. This price action represents the first major test of whether the recent accumulation data will translate into a sustained price recovery.

Bitcoin, Ethereum, and Solana started the week higher as easing geopolitical tensions helped revive risk appetite among investors. Bitcoin traded near $66,000, while Ethereum and Solana posted gains, reflecting a broader market recovery. Industry experts argue that recent crypto ETF outflows reflect a maturing market rather than fading interest in digital assets, suggesting a shift in investor behavior towards long-term holding.

A Different 'Crypto Winter'

Speaking on CNBC’s ETF Edge, CoinDesk Indices President David LaValle noted that the recent selloff and roughly $3 billion in outflows from Bitcoin exchange-traded products have led some investors to question the future of crypto. However, he argued that ETF flows are behaving similarly to those seen in traditional asset classes, serving both buy-and-hold investors and institutional holders. LaValle described the current downturn as a different type of crypto winter compared with previous cycles, focusing on timing re-entry rather than doubting the sector's future.

Vetify Director of Research Todd Rosenbluth noted that many investors continued holding Bitcoin ETFs despite the market correction. The iShares Bitcoin Trust ETF (NASDAQ: IBIT) recently remained in net inflow territory despite BTC decline earlier this year. The NEOS Bitcoin High Income ETF (BATS: BTCI) attracted roughly $500 million of inflows this year through last week, making it one of the most popular Bitcoin-linked ETFs in 2026.

Adoption Still In Early Innings

LaValle argued that Bitcoin ETF adoption remains surprisingly early despite spot Bitcoin ETFs being available for more than two years. He noted that many large advisory platforms and model portfolios have yet to fully incorporate Bitcoin products. As an example, he pointed to Morgan Stanley’s recently launched Bitcoin ETF offering, which gathered more than $250 million in assets despite entering the market after several established competitors. "It’s super early," LaValle said.

Over the past week, BTC and ETH have gained around 7% while SOL is trading 13% higher. Besides BTC and ETH, LaValle highlighted SOL as a network attracting growing developer activity and institutional attention. He noted that future crypto investing may increasingly focus on utility and real-world applications rather than purely speculative trading.