*Glassnode's Accumulation Trend Score (1.0):** Indicates widespread buying by all investor tiers (whales to retail), a first since January. This metric excludes exchanges/miners, emphasizing organic demand.
- **Shift from Distribution to Accumulation:** Reverses the Jan-April 2024 trend, where investors reduced holdings post-ATH ($109k → $75k). Whales (10k+ BTC) led the May resurgence, followed by smaller holders as prices rose.
2. **Price Context**
- Bitcoin trades at **$111,104 (+18% monthly)**, surpassing its previous ATH. This breakout suggests renewed confidence, though historical patterns show post-ATH profit-taking (e.g., 2021 cycle corrections).
3. **Options Market Signals**
- **Bullish Bets:** The June $300k call ($620M notional) and $200k call ($420M) dominate open interest. Traders are positioning for a potential surge, reflecting optimism despite steep targets.
- **Risk of Overleveraging:** High concentration in out-of-the-money calls could amplify volatility if prices stall, triggering liquidations.
4. **Historical vs. "Mature Asset" Behavior**
- **Bitcoin’s Typical Cycle:** Post-ATH corrections (e.g., -20–30% drops) are common.
- **Traditional Asset Parallels:** S&P $BTC
500/gold often extend rallies post-ATH. If Bitcoin mirrors this, it may signal market maturation and sustained bullish momentum.
5. **Key Questions &
- **Liquidity Dynamics:** Whale-driven rallies may face pressure if large holders begin profit-taking near $150k–$200k.
6. **Conclusion**
The confluence of broad accumulation, bullish derivatives activity, and a breakout above ATH suggests a potential paradigm shift. However, Bitcoin’s path hinges on balancing its historical volatility with emerging "mature asset" traits. Traders should
- **Options expiry impacts** (June $200k/$300k strikes as psychological .