Bitcoin (BTC) has entered a strong accumulation phase across all wallet cohorts for the first time since January. This signals renewed bullish sentiment as the cryptocurrency trades above $110,000, marking an 18% gain over the past month.
Glassnode's Accumulation Trend Score has reached its maximum value of 1.0, indicating broad-based, aggressive accumulation by investors. This applies irrespective of the amount of BTC they already hold, excluding exchanges and miners to avoid distortion.
The latest accumulation wave began in early May, led by whales holding over 10,000 BTC. As the price began to climb, cohorts with smaller holdings followed, intensifying their accumulation behavior. The $300,000 strike for June expiry has become the most popular call option, with $620 million in notional value.
This marks a significant shift from the January-to-April period, when most cohorts were reducing their holdings. During that time, Bitcoin tumbled from its then-record high of $109,000 to lows around $75,000.
Renewed demand is supported by options market activity, with CoinDesk Research highlighting large bullish positions. If Bitcoin were to follow the behavior of more mature assets like the S&P 500 and gold, it may signal the beginning of a sustained bull cycle.
An additional $420 million is concentrated around the $200,000 strike.
This is a trend many in the market are now watching closely.
This article is based on our author's analysis of materials taken from the following resources: CoinDesk.