Bitcoin (BTC) has made a strong comeback in recent weeks, surging past $110,000 and gaining +18% over the past month. According to on-chain analytics firm Glassnode, this price rally is accompanied by the most intense accumulation phase since January, signaling renewed investor confidence in the market.

Accumulation Score Hits Maximum – 1.0

Glassnode reports that its accumulation trend score has reached 1.0, the highest possible value. This indicates that across the board – from small retail wallets to large institutional addresses – investors are aggressively accumulating Bitcoin. The metric reflects balance changes over the past 15 days, excluding data from exchanges and mining pools.

The trend began in early May, initially led by wallets holding more than 10,000 BTC. As prices rose, smaller wallets joined in, accelerating the pace of accumulation.

Sentiment Shift: From Selling to Hoarding

Between January and April, most investors were reducing their holdings, coinciding with Bitcoin’s drop from $109,000 to $75,000. The current trend reversal suggests renewed optimism and a stronger belief in Bitcoin’s long-term growth.

Derivatives Market Signals Bold Expectations

This bullish momentum is mirrored in the options market, where traders are placing ambitious bets. The most popular contract is a call option at $300,000 expiring in June, with an open interest now exceeding $620 million. Another notable position: $420 million in call options targeting $200,000.

Such data reveals that a portion of the market is not ruling out extremely optimistic price scenarios in the weeks ahead.

A Shift in Market Behavior?

Historically, Bitcoin has often faced price pullbacks after hitting new highs, as investors took profits. However, analysts are now considering a different outcome.

They point to how traditional assets like the S&P 500 and gold tend to continue rising after breaking record highs. If Bitcoin begins to follow this pattern, it could signal the start of a long-term bull market.

Summary

🔹 Bitcoin climbs back above $110,000 with a +18% monthly gain

🔹 Glassnode records the highest accumulation score (1.0) since January

🔹 Both large and small investors are hoarding BTC off exchanges

🔹 Options market bets on $200K–$300K price targets

🔹 Analysts weigh the possibility of sustained growth beyond ATHs


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