Bitcoin
BTC$110,754.86
For the first time since January, it entered a strong accumulation phase in all wallet cohorts, signaling bullish sentiment showing 18% profit in the past month, with the largest cryptocurrency trade as a trade of over $110,000.
GlassNode’s accumulation propensity score reaches a maximum of 1.0, indicating a widespread, aggressive accumulation by investors, regardless of the amount of BTC they already hold. The metric evaluates the relative strength of purchases in different wallet sizes, taking into account both existing holdings and the amounts acquired over the past 15 days. To avoid distortion, exclude exchanges and miners.
The latest accumulation wave began in early May, led by a whale holding over 10,000 BTC. As prices began to rise, a smaller cohort of retention continued, enhancing accumulation behavior.
This shows a significant change from the January-April period when most cohorts were reducing their holdings, as they fell from their then-recorded highs to around $75,000.
Trend accumulation scores by cohort (GlassNode)
New demand is supported by the activities of the options market, and Coindesk Research highlights a major bullish position. The $300,000 strike, which expires in June, has become the most popular call option, worth $620 million, and an additional $420 million is concentrated on the $200,000 strike.
Open interest on strike price (delivery bit)
Bitcoin has historically tended to fall after reaching an all-time high to make a profit, but traditional assets like the S&P 500 and gold often expand their gatherings in similar scenarios. If Bitcoin could follow this more mature asset behavior, it could mark the beginning of a sustained bull cycle.
