Bitcoin steadies as accumulation broadens after capitulation

Broad-based accumulation follows recent capitulation across Bitcoin cohorts

Broad-based bitcoin accumulation has reappeared after a sharp capitulation event that flushed out weaker hands and reset positioning across the network. As reported by CoinDesk, cohort participation has widened for the first time since late November, with wallets holding 10 to 100 BTC acting as notably aggressive dip buyers.

The scale of the setback was material: according to Cointribune, realized losses on the Bitcoin network approached roughly $900 million in a single 24-hour window, the largest since the FTX episode. That level of loss-taking typically aligns with capitulation conditions and often precedes stabilization phases in prior cycles.

Why it matters for LTHs, institutions, and sentiment

For long-term holders (LTHs), broad-based accumulation after capitulation can mark a transition from distribution to balance-building, potentially reducing near-term sell pressure. In practice, when short-term holders realize losses and exit, the remaining supply skews toward stronger hands with longer holding horizons.

Institutional and corporate treasury participants tend to view disorderly drawdowns as opportunities to add strategically, even as volatility persists. As reported by TheCoinRepublic, whale selling accelerated while retail accumulated near the $65,000 area, an uneven pattern that can keep markets choppy but still coincide with net accumulation under the surface.

What changed now: on-chain and cohort flows per CryptoQuant

Based on data from CryptoQuant, episodes of short-term holder capitulation, often visible when the Short-Term Holder SOPR falls below 1, have historically aligned with local bottoms, after which accumulation phases tend to form. While no single metric is definitive, the combination of realized losses and improving cohort inflows is consistent with that pattern.

CryptoQuant’s cohort views indicate that post-capitulation inflows are not confined to a single wallet band, suggesting accumulation has broadened across multiple cohorts. The shift is indicative of a market recalibration where supply transitions from reactive sellers to longer-horizon holders.

At the time of this writing, Bitcoin trades around $69,560, with 14-day RSI near 34.33 and estimated volatility around 8.68%. These contextual readings point to elevated but moderating conditions without implying direction.

Institutional signal: MicroStrategy activity and treasury accumulation context

According to MicroStrategy’s disclosures, the company expanded its bitcoin treasury to about 713,502 BTC and reported a record net loss of roughly $12.4 billion driven by price volatility. The scale and persistence of these holdings underscore how certain corporate treasuries treat drawdowns as balance-sheet accumulation windows rather than exit points.

Institutional commentary has echoed this posture. As an illustration of that stance following bouts of volatility, “We are buying bitcoin … we’ll report our next buys …,” said Michael Saylor, Executive Chairman at MicroStrategy, in November 2025. Such remarks reflect a preference for disciplined accumulation through turbulence, even as broader markets digest realized losses and whale-to-retail handoffs.

While this institutional signal supports the accumulation narrative, the near term can remain sensitive to further legacy supply events and large-holder distribution. The durability of the current shift will likely depend on whether realized losses continue to fade and whether cohort inflows stay diversified rather than concentrated in a single band.