Bitcoin
It has entered a solid phase of accumulation in all wallet cohorts for the first time since January, indicating a renewed feeling as the largest cryptocurrency of cryptocurrencies exceeding $ 110,000, a gain of 18% during the past month.
The Glassnode accumulation trend score has reached its maximum value of 1.0, indicating an aggressive broad base accumulation by investors, regardless of the amount of BTC they already have. The metric evaluates the relative strength of the purchase in different wallet sizes, factorization both in its existing holdings and in the amount acquired in the last 15 days. Excludes exchanges and miners to avoid distortion.
The last accumulation wave began in early May, led by whales that contain more than 10,000 BTC. As the price began to rise, cohorts followed with smaller holdings, intensifying their accumulation behavior.
This marks a significant change from the period from January to April, when most cohorts were in reducing their shares, since Bitcoin fell from its record record of $ 109,000 to minimum of around $ 75,000.
The renewed demand is backed by the activity of the option market, with a Coindesk investigation that highlights large upward positions. The $ 300,000 strike for the June expiration has become the most popular purchase option, with $ 620 million in notional value, and an additional $ 420 million is concentrated around the $ 200,000 strike.
While Bitcoin historically tends to fall after reaching a historical maximum due to the taking of profits, traditional assets such as the S&P 500 and gold often extend their manifestations in similar scenarios. If Bitcoin followed this most mature asset behavior, you can indicate the beginning of a sustained bull cycle, a trend that many in the market are now observing closely.
