Bitcoin’s accumulation phase intensified as its price surpassed $110,000, with Glassnode data showing increased buying activity across all wallet cohorts. This trend suggests heightened institutional and retail confidence, fueled by improving macroeconomic conditions and anticipation of further regulatory clarity. Options markets now price in a potential surge beyond $200,000 by June, reflecting bullish sentiment driven by spot ETF inflows and reduced selling pressure from miners.
The convergence of derivatives market positioning and on-chain metrics indicates traders are hedging against upside volatility. Long-term holders have increased their stakes, while short-term speculators appear less dominant compared to previous cycles. This accumulation aligns with historical patterns where prolonged consolidation phases precede significant price breakthroughs.
Market analysts attribute the activity to growing recognition of Bitcoin as a macro hedge amid geopolitical tensions and currency debasement concerns. The sustained buying pressure contrasts with earlier 2025 trends, when profit-taking dominated after January’s rally. If accumulation persists, it could create technical support levels that facilitate new all-time highs in Q3.
