Bitcoin has gained 18% in the past month, rising above $110,000 once again. Amid this rally, Bitcoin has entered its strongest accumulation period since January, according to data from on-chain data analytics firm Glassnode. Bitcoin Surpasses $110,000: Enters Strongest Accumulation Period Since January Glassnode’s Accumulation Trend Score has currently reached its maximum level of 1.0, meaning that all wallet groups, from large investors to small investors, are aggressively accumulating BTC. The metric takes into account purchases made over the last 15 days and current balances; exchanges and miners are excluded from the analysis. This wave of accumulation, which began in early May, was led by whales holding more than 10,000 BTC. As the Bitcoin price moved upwards, smaller wallets joined the trend, increasing their holdings. This new trend represents a major change compared to the January-April period. During that period, most investors reduced their BTC holdings due to the price drop. As you may recall, Bitcoin fell from $109,000 to $75,000 during this period. In addition to the accumulation trend, strong bullish positions in the options markets also support this increase in demand. The $300,000 call option for the June expiration has become the most popular option, with the total open position size at this level being $620 million. In addition, an additional position of $420 million in call options at the $200,000 level is also noteworthy. While Bitcoin has typically experienced a price pullback due to profit taking when it reached all-time highs in the past, experts are considering a different scenario this time. Traditional assets like the S&P 500 and gold tend to continue their rise after new highs. A similar behavior for Bitcoin could mean the start of a long-term bull market. While this development is being followed carefully in the markets, analysts state that new peaks may be possible with high volatility in the coming weeks. *This is not investment advice. Continue Reading: According to Data Analytics Firm Glassnode, Investors Have Started Accumulating Bitcoin Aggressively! Here Are the Details
