Bitcoin has entered a robust accumulation phase across all wallet sizes, according to new data from Glassnode, marking the first time since January that such broad-based buying has been observed. The leading cryptocurrency currently trades above $110,000, up 18% in the past month.
Glassnode’s Accumulation Trend Score has hit the maximum level of 1.0, reflecting aggressive purchasing activity by investors regardless of their existing BTC holdings. This metric tracks recent buying behavior over the previous 15 days, excluding miners and exchange wallets to present an undistorted view of true accumulation.
This buying surge began in early May, driven primarily by large “whale” wallets holding more than 10,000 BTC. As the price climbed, smaller holders joined in, intensifying the upward buying pressure.
This marks a clear reversal from the January-April timeframe, during which most holders reduced their bitcoin exposure as prices slid from a high near $109,000 down to lows around $75,000.
Supporting this optimism, options market data highlighted by CoinDesk Research shows a significant concentration of bullish bets. The $300,000 call option expiring in June leads with $620 million in notional open interest, while the $200,000 strike holds another $420 million.
Though bitcoin has historically pulled back after new highs due to profit-taking, parallels with traditional assets like the S&P 500 and gold—both of which often extend rallies after record highs—are prompting some investors to speculate that bitcoin’s bull cycle may be entering a more mature phase.
