Bitcoin Accumulation Phase Peaks as Price Surpasses $110,000
Bitcoin has entered a strong accumulation phase, with prices surpassing $110,000 and an 18% gain over the past month. Key points include:
- Glassnode's Accumulation Trend Score reached 1.0, indicating aggressive buying across all wallet sizes.
- The accumulation wave began in early May, primarily led by whales holding over 10,000 BTC.
- This marks a shift from January-April when many wallets reduced holdings as Bitcoin fell from $109,000 to around $75,000.
Renewed demand is also reflected in options market activity. The most popular call option for June expiry is at a $300,000 strike, valued at $620 million, with another $420 million at the $200,000 strike.
If Bitcoin follows traditional asset behavior post-all-time highs, it may signal the start of a sustained bull cycle.