Bitcoin
entered a high phase of accumulation in all wallet cohorts for the first time since January, signaling a renewed bullish feeling, because the largest cryptocurrency set greater than $ 110,000, a gain of 18% in last month.
The score of the Glassnod accumulation trend has reached its maximum value of 1.0, indicating an aggressive accumulation wide based on a large basis by investors regardless of the amount of BTC they already hold. The metric assesses the relative force of the purchase by various portfolio sizes, taking into account their existing assets and the amount acquired in the last 15 days. It excludes exchanges and minors to avoid distortion.
The last wave of accumulation started in early May, led by whales with more than 10,000 BTC. As the price started to climb, cohorts with smaller assets followed, intensifying their accumulation behavior.
This marks a significant change in the period from January to April, when most cohorts reduced their assets while Bitcoin gave off its record of $ 109,000 to hollows around $ 75,000.
Renewed demand is supported by the activity of the options market, Coindesk research highlighting large upward positions. The $ 300,000 strike for June expiration has become the most popular purchase option, with $ 620 million in notional value, and additional $ 420 million is concentrated around the $ 200,000 strike.
While Bitcoin has historically tend to fall after having reached a record level due to profit taking, traditional assets like S&P 500 and gold often extend their gatherings in similar scenarios. If Bitcoin was to follow this more mature asset behavior, it can point out the start of a sustained bull cycle, a trend of many on the market is now looking.
