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By James Van Straten|Edited by Sheldon Reback
May 23, 2025, 7:46 a.m.
- Glassnode’s Accumulation Trend Score hit a peak level of 1.0, indicating aggressive buying across the spectrum from whales to smaller holders.
- The buying reverses the months-long unloading trend seen after January’s all-time high.
- Options market signals bullish sentiment, with the $300K June strike now the most popular call followed by $200K, suggesting traders are positioning for a continued breakout.
Bitcoin
has entered a strong accumulation phase across all wallet cohorts for the first time since January, signaling renewed bullish sentiment as the largest cryptocurrency trades above $110,000, an 18% gain over the past month.
Glassnode’s Accumulation Trend Score has reached its maximum value of 1.0, indicating broad-based, aggressive accumulation by investors irrespective of the amount of BTC they already hold. The metric evaluates the relative strength of buying by different wallet sizes, factoring in both their existing holdings and the amount acquired over the past 15 days. It excludes exchanges and miners to avoid distortion.
STORY CONTINUES BELOW
The latest accumulation wave began in early May, led by whales holding over 10,000 BTC. As the price began to climb, cohorts with smaller holdings followed, intensifying their accumulation behavior.
This marks a significant shift from the January-to-April period, when most cohorts were in reducing their holdings as bitcoin tumbled from its then-record high of $109,000 to lows around $75,000.
The renewed demand is supported by options market activity, with CoinDesk Research highlighting large bullish positions. The $300,000 strike for June expiry has become the most popular call option, with $620 million in notional value, and an additional $420 million is concentrated around the $200,000 strike.
While bitcoin historically tends to fall after hitting an all-time high due to profit-taking, traditional assets like the S&P 500 and gold often extend their rallies in similar scenarios. If bitcoin were to follow this more mature asset behavior, it may signal the beginning of a sustained bull cycle, a trend many in the market are now watching closely.
James Van Straten is a Senior Analyst at CoinDesk, specializing in Bitcoin and its interplay with the macroeconomic environment. Previously, James worked as a Research Analyst at Saidler & Co., a Swiss hedge fund, where he developed expertise in on-chain analytics. His work focuses on monitoring flows to analyze Bitcoin’s role within the broader financial system.
In addition to his professional endeavors, James serves as an advisor to Coinsilium, a UK publicly traded company, where he provides guidance on their Bitcoin treasury strategy. He also holds investments in Bitcoin and Strategy (MSTR).
