Bitcoin’s on-chain buzz is getting seriously spicy as it cozies up near $108,000, with the $120,000 price zone flexing as the next big showstopper.
Glassnode’s May 28 report spills the tea on sizzling investor profits, a serious hoarding spree, and busy exchange traffic, vibes eerily similar to past bull market parties.
Bitcoin flirted with a shiny new all-time high at $111,000 before chilling back to $107,000, where it’s holding steady like a boss.
Accumulation’s gone full throttle, with Glassnode’s Accumulation Trend Score almost hitting the max 1.0, signaling investors are gobbling up coins like it’s Black Friday at $70,000 and $107,000 levels earlier this year.
Investor profits are getting all hot and bothered too. The Relative Unrealized Profit metric is flashing “euphoria” levels rarely seen; only 16% of trading days have hit this kind of sweet spot. Meanwhile, the Spent Output Profit Ratio (SOPR) shows that the average coin on the move grabbed a juicy 16% gain, landing in the top 8% of all days ever.
Trading Volume, Leverage, and ETFs Bring the Heat
Trading floors are buzzing: about 33% of Bitcoin volume now zips through centralized exchanges, up from earlier this year. Coins tossed onto exchanges are making an average $9,300 profit versus just a $780 loss, rocking a stellar 12:1 profit-to-loss ratio that’s textbook bull cycle behavior.
Leverage lovers, take note, futures open interest jumped a hefty 51% from $36.8 billion to $55.6 billion since April. Options open interest hit a record-smashing $46.2 billion, up $25.8 billion.
Spot Bitcoin ETFs aren’t sitting still either, pulling in more than $300 million daily, fueling this buy-side bonanza.
Technically speaking, Bitcoin’s comfortably above key moving averages: the 111-day at $91,800, the 200-day at $94,300, and short-term holders’ cost basis of $95,900, all waving the bullish flag.
On-chain price models point to resistance between $120,300 and $135,700, a zone that’s only been home to 17.5% of Bitcoin’s history and often the scene of euphoric highs.
The verdict? The market’s definitely heating up, but not yet out of steam. If the momentum party keeps going, $120,000 is the next big test, if investors can swallow the rising profit-taking without breaking a sweat.
Gunel Ismayilova
Disclaimer: All materials on this site are for informational purposes only. None of the material should be interpreted as investment advice. Please note that despite the nature of much of the material created and hosted on this website, HODL FM is not a financial reference resource, and the opinions of authors and other contributors are their own and should not be taken as financial advice. If you require advice. HODL FM strongly recommends contacting a qualified industry professional.
