Bitcoin Sees Significant Accumulation as Price Surpasses $110K

Recent data from Glassnode indicates that Bitcoin (BTC) is experiencing a robust accumulation phase across all wallet cohorts for the first time since January, reflecting renewed bullish sentiment amid the cryptocurrency trading above $110,000, marking an 18% increase over the past month.

According to Glassnode’s Accumulation Trend Score, which signals aggressive purchasing activity among holders regardless of their holdings, the score has peaked at 1.0. This metric assesses buying patterns across various wallet sizes, also taking into account their purchasing history over the past fortnight, while deliberately excluding exchanges and miners to prevent distortions.

This current wave of accumulation began earlier in May, spearheaded by Bitcoin whales holding more than 10,000 BTC. As Bitcoin’s value began increasing, smaller holders also joined the accumulation trend intensifying their buying. This shift contrasts sharply with the January to April period, during which many investors were cutting back holdings as Bitcoin dropped from its previous all-time high of $109,000 to near $75,000.

Accumulation Trend Trend Accumulation Score By Cohort (Glassnode)

Additionally, the latest market demand is bolstered by significant options trades, with notable bullish sentiment suggested by the $300,000 call option becoming particularly popular for June expiry, which commands $620 million in notional value—further supported by another $420 million centered around the $200,000 strike.

Historically, Bitcoin tends to experience price declines post-all-time highs due to profit-taking; however, conventional assets such as the S&P 500 and gold often continue their upward trend under similar circumstances. Should Bitcoin follow a comparable path, it might indicate the inception of a sustained bullish cycle, a trend closely monitored by market participants.