BTC Enters Most Robust Accumulation Phase Since January as Bitcoin Price Surpasses $110K

Bitcoin is currently experiencing a robust accumulation phase among various wallet groups for the first time since January, reflecting a renewed optimistic outlook. The leading cryptocurrency is now trading above $110,000, marking an 18% increase in the past month.

The Accumulation Trend Score from Glassnode has reached its peak value of 1.0, signifying widespread and intense accumulation by investors, regardless of their Bitcoin holdings. This metric gauges the strength of purchasing activity across different wallet sizes, taking into account both previous holdings and recent acquisitions over the last 15 days. It deliberately omits exchange and miner data to maintain accuracy.

This recent accumulation trend commenced in early May, spearheaded by large holders, or “whales,” possessing over 10,000 BTC. With the price gaining momentum, smaller wallet groups began to follow suit, amplifying their purchasing efforts.

This represents a notable contrast to the period from January to April, during which most wallet groups were offloading their assets as Bitcoin declined from its then all-time high of $109,000 to around $75,000.

The heightened interest is further evidenced by activity in the options market, with notable bullish positions being observed. The $300,000 strike for the June expiration has emerged as the most sought-after call option, boasting $620 million in notional value, while an additional $420 million is focused around the $200,000 strike price.

Historically, Bitcoin tends to experience declines after reaching new all-time highs due to profit-taking, whereas traditional assets, including the S&P 500 and gold, often continue their rallies. If Bitcoin were to align with the behavior of more established assets, this could indicate the onset of a prolonged bullish cycle—a development that many market observers are closely monitoring.