Glassnode分析

Glassnode's latest report shows that the price of Bitcoin has soared to $106,000 on Monday. This round of increase was mainly driven by strong demand in the spot market, especially the Coinbase platform, which faces a net buying pressure of about $45 million per day.
The rally, which began in early April when Bitcoin was just below $75,000, has seen a strong accumulation phase, ETF inflows and a cooling of sell-side pressure, suggesting bullish sentiment remains strong despite recent profit-taking by long-term holders.

Source: Glassnode
Unlike previous rallies driven by leveraged speculation, this round of uptrend is characterized by organic accumulation in the spot market. Glassnode data shows that Bitcoin has changed hands in large quantities in the $93,000 to $95,000 range, which currently serves as a key support area. This range also coincides with the cost basis of traders who entered the market in the past 155 days. The price has adhered to this range in the horizontal accumulation, which also strengthens the "staircase" structure visible on the cost basis distribution heat map.