While Bitcoin is maintained above $ 100,000, a targeted accumulation phase emerges in silence. Far from the tumult of derivative products, it is the Spot flows and the on-chain data that draw the new tempo on the market. Behind this recovery, strategic investors strengthen their positions, operating in a precise price range. A discreet but structuring dynamic, which could well redefine the foundations of the next Haussier cycle.
In short
- Bitcoin consolidates above $ 100,000, supported by a very real purchasing dynamic according to on-chain data.
- Spot flows, especially on Coinbase, and ETFs were the main engines of the recent increase.
- A key accumulation area has been identified between $ 93,000 and $ 95,000, corresponding to the average cost of short -term holders.
- This controlled accumulation could serve as a basis for a new bullish cycle, provided that a catalyst relaunches the dynamics.
The hidden motors of the rebound: spot, ETF and “downward purchase”
According to the analysis published by Glassnode, the recent resumption of Bitcoin up to 105,787 dollars is not a simple technical rebound. It is part of a movement based on organic demand, carried by the Spot and Bitcoin ETF markets, not by speculative bets on derivative products.
This dynamic is confirmed by several concordant signals observed in on-chain and off-chain data:
- “The resumption of bitcoin was mainly powered by the Spot market, with a strong on-chain accumulation and favorable off-chain flows”has indicated Glassnode May 16 on platform X (ex Twitter);
- Coinbase recorded a strong net buying pressure, while the selling pressure on Binance has decreased, which reflects a generalized strategy “Lower purchase” among investors;
- The ETF Spot played a structuring role, with a peak in net entrances to $ 389 million a day on April 25, before falling to $ 58 million per day;
- The derivative products markets remained behind: “The derivatives were lagging behind, suggesting that they react rather that they do not guide the prices”specifies Glassnode.
This clear positioning of investors reveals a market environment now dominated by the most disciplined actors. The upward impulse was not caused by the lever effect or a speculative frenzy, but by a return of buyers to key technical points.
A Squeeze shorts has nevertheless come to strengthen this dynamic, which led to the cascading liquidation of many traders having laid down. This made it possible to accentuate the movement, without however being the trigger. The main engine remains the same: a solid, visible, and measurable demand in Spot flows.
Bitcoin between consolidation and strategic accumulation
Beyond the flows visible on the markets, it is the on-chain data that today draw the contours of a strategic accumulation zone. According to Glassnode, “An accumulation zone appeared between 93,000 and 95,000 dollars” In the last 30 days.
Such a price range corresponds precisely to the average cost of acquisition of short-term holders, that is to say investors who bought bitcoin in the last 155 days. It is in this area that “Important volumes of corners have changed hands”which makes it a robust technical support level in the event of a decline in the market.
In addition, this accumulation phase has been integrated into a lateral configuration that Bitcoin has known since May 9, with price consolidation between 100,703 dollars and 105,787 dollars. This lateralization follows a rapid increase, and seems to indicate that the market is in the breathing phase before a new movement potential.
The positioning of buyers in the $ 93,000-95,000 zone suggests a shared reading of the medium-term value of Bitcoin. Unlike past euphoric increases, investors today seem more disciplined, integrating risk management logics and technical thresholds for their entry points.
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