Glassnode reports Bitcoin’s accumulation trend score hit 0.85, the highest since January 2025, indicating strong buying across all wallet cohorts. Long-term holders added 40,000 BTC last week despite prices above $100K, while exchanges’ reserves dropped to 2018 lows. This suggests conviction in Bitcoin’s store-of-value narrative.
The accumulation coincides with record ETF inflows totaling $4.5 billion monthly. Institutions now hold 8% of circulating supply through regulated products. Miners are hoarding 80% of rewards versus 50% historically, anticipating higher prices post-2024 halving.
Options markets reflect this optimism with $200K December calls seeing heavy buying. However, some analysts warn the concentration ratio (top 10 addresses holding 18%) creates systemic risk if whales distribute. Network fundamentals remain strong with hash rate at 700 EH/s.
