Fresh data from Glassnode reveals that Bitcoin is experiencing a broad-based accumulation trend across all wallet cohorts — the first such signal since January — as the cryptocurrency trades above $110,000, reflecting an 18% gain over the past month.

Glassnode’s Accumulation Trend Score has hit the maximum reading of 1.0, indicating widespread and sustained buying activity from investors regardless of how much BTC they already own. This score measures both existing wallet balances and recent acquisitions over the past 15 days, excluding miners and exchange addresses to better reflect organic demand.

The latest wave of accumulation began in early May, initially driven by “whales” holding more than 10,000 BTC. As prices began to climb, smaller holders joined in, accelerating the trend and pointing to growing confidence across the board.

This shift contrasts sharply with the January-to-April period, when bitcoin slid from its then-record high of $109,000 to as low as $75,000 and many investor cohorts were net sellers.

Options market data further supports the bullish momentum. According to CoinDesk Research, traders are positioning for potential upside well beyond current levels. The June expiry $300,000 strike has emerged as the most active call option, representing $620 million in notional open interest. Another $420 million is concentrated at the $200,000 strike.

Historically, bitcoin has tended to retrace after hitting new highs due to profit-taking, but some analysts suggest that it could start to behave more like traditional assets such as the S&P 500 or gold, which often extend rallies after setting new records. If so, this could mark the beginning of a more sustained bull market — a scenario that’s increasingly on the radar of market participants.