After bitcoin (BTC) fell below $60,000 in early June, investors began actively buying up the leading cryptocurrency. As analyst James Van Straten writes, citing Glassnode data, over ten days they acquired nearly 260,000 BTC, while one of the key demand indicators rose to its highest possible level.
Since June 5, investors have bought a net 259,298 BTC at prices ranging from $59,000 to $67,000. This is shown by Glassnode’s UTXO Realized Price Distribution data.
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What the accumulation indicator shows
The Glassnode metric called Accumulation Trend Score has reached a value of 1.0 across wallet cohorts — the highest possible level. The indicator measures the strength of buying interest, adjusted for the size of wallets and the volume of coins bought over the previous 15 days.
The purchases spanned all holder cohorts — from holders of less than 1 BTC, who are typically classed as retail investors, to those holding up to 1,000 BTC. This is a notable reversal: from March to May, with bitcoin priced around $70,000, most cohorts were net sellers.
The strongest accumulation of the entire drawdown
The aggregate accumulation trend metric has held at its peak level for more than two weeks now. This points to aggressive buying across all holder cohorts at once.
According to Van Straten’s assessment, the current picture reflects the strongest accumulation of the entire ongoing drawdown. The fact that buying is happening at all market levels at once, not just among large participants, points to a return of broad-based demand.
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Source: BeInCrypto
