Bitcoin has won 18% in the past month and has once again risen above $110,000. During the rally, Bitcoin entered its strongest accumulation period since January, according to data from on-chain data analytics firm GlassNode.
Bitcoin is over $110,000. It has entered the strongest accumulation period since January
GlassNode's accumulation propensity score is currently at its maximum level of 1.0. That is, all wallet groups, from large to small investors, are actively accumulating BTC. The metric takes into account purchases made over the last 15 days and current balances. Exchanges and miners are excluded from analysis.
This wave of accumulation, which began in early May, was led by whales carrying more than 10,000 BTC. As Bitcoin prices moved upwards, small wallets added to the trend, increasing holdings.
This new trend represents a significant change compared to the January-April period. During that period, most investors reduced their BTC holdings due to price drops. As you may remember, Bitcoin fell from $109,000 to $75,000 during this period.
In addition to the accumulation trend, a strong bullish position in the options market also supports this increase in demand. The $300,000 call option for the expiration of June is the most popular option, with the total open position size of $620 million for this level. Additionally, the $420 million additional position for call options at the $200,000 level is also worth noting.
Bitcoin usually experiences price drag by acquiring profits when it reaches its record high in history, but experts are looking at a different scenario this time.
Traditional assets like the S&P 500 and gold tend to continue to rise after new highs. Similar behaviours for Bitcoin could mean the launch of a long-term bull market.
The development is being carefully tracked in the market, but analysts say high volatility could potentially allow new peaks in the coming weeks.
*This is not investment advice.
