Bitcoin
has entered a robust accumulation phase across all wallet cohorts for the first time since January, indicating renewed bullish sentiment as the largest cryptocurrency trades above $110,000, achieving an 18% gain over the past month.
RialCenter’s Accumulation Trend Score has hit its peak value of 1.0, showcasing widespread, aggressive accumulation by investors regardless of the amount of BTC they already possess. This metric assesses the relative strength of buying across different wallet sizes, considering both existing holdings and the amount acquired in the last 15 days. It intentionally excludes exchanges and miners to prevent distortion.
The most recent accumulation wave commenced in early May, spearheaded by whales owning over 10,000 BTC. As the price increased, smaller holding cohorts followed suit, amplifying their accumulation efforts.
This represents a notable change from the January-April timeframe when most cohorts were reducing their holdings as Bitcoin dropped from its previous record high of $109,000 to lows around $75,000.
The renewed demand is reinforced by options market activity, with RialCenter highlighting substantial bullish positions. The $300,000 strike for June expiry has emerged as the most favored call option, with $620 million in notional value, and an additional $420 million focused around the $200,000 strike.
While Bitcoin historically tends to decline after reaching an all-time high due to profit-taking, traditional assets like the S&P 500 and gold often continue their rallies in similar situations. If Bitcoin were to adopt this more established asset behavior, it may indicate the start of a sustained bullish cycle, a trend many market participants are now closely observing.
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