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While bitcoin remains above $100,000, a targeted accumulation phase is quietly emerging. Far from the turmoil of derivatives products, it is the spot flows and on-chain data that define the new market tempo. Behind this recovery, strategic investors are strengthening their positions, operating within a precise price range. A discreet but structuring dynamic that could well redefine the foundations of the next bull cycle.
In Brief
- Bitcoin consolidates above $100,000, supported by a real buying momentum according to on-chain data.
- Spot flows, especially on Coinbase, and ETFs have been the main drivers of the recent rise.
- A key accumulation zone 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 base for a new bull cycle, provided a catalyst reignites the momentum.
The Hidden Drivers of the Rebound: Spot, ETF, and “Buy the Dip”
According to the analysis published by Glassnode, bitcoin’s recent recovery up to $105,787 is not just a technical rebound. It fits within a movement based on organic demand, driven by spot markets and Bitcoin ETFs, and not by speculative bets on derivatives products.
This dynamic is confirmed by several consistent signals observed in on-chain and off-chain data:
- “Bitcoin’s recovery was mainly fueled by the spot market, with strong on-chain accumulation and favorable off-chain flows,” Glassnode indicated on May 16 on the X platform (formerly Twitter);
- Coinbase recorded strong net buying pressure, while selling pressure on Binance decreased, reflecting a widespread “buy the dip” strategy among investors;
- Spot ETFs played a structuring role, with a peak of net inflows at $389 million per day on April 25, before falling back to $58 million per day;
- The derivatives markets remained in the background: “derivatives lagged, suggesting they are reacting rather than leading prices,” Glassnode explains.
This clear positioning of investors reveals a market environment now dominated by the most disciplined actors. The bullish impulse was not caused by leverage or speculative frenzy, but by buyers returning at key technical points.
A short squeeze nonetheless reinforced this dynamic, leading to the cascading liquidation of many traders who had bet against the market. This enhanced the movement, although it was not the triggering element. The main driver remains the same: solid, visible, and measurable demand in spot flows.
Bitcoin Between Consolidation and Strategic Accumulation
Beyond the flows visible in the markets, it is on-chain data that today outlines the contours of a strategic accumulation zone. According to Glassnode, “a key accumulation zone has appeared between $93,000 and $95,000” in the last 30 days.
Such a price range precisely corresponds to the average acquisition cost of short-term holders, i.e., investors who bought bitcoin within the last 155 days. It is in this zone that “significant volumes of coins have changed hands,” making it a robust technical support level in the event of a market pullback.
Moreover, this accumulation phase fits into a lateral configuration that bitcoin has experienced since May 9, with price consolidation between $100,703 and $105,787. This lateral movement follows a rapid rise and seems to indicate that the market is pausing before a potential new move.
The buyers’ positioning in the $93,000-$95,000 zone suggests a shared reading of bitcoin’s medium-term value. Unlike past euphoric bull phases, investors today appear more disciplined, integrating risk management logic and technical thresholds for their entry points.
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Diplômé de Sciences Po Toulouse et titulaire d’une certification consultant blockchain délivrée par Alyra, j’ai rejoint l’aventure Cointribune en 2019.
Convaincu du potentiel de la blockchain pour transformer de nombreux secteurs de l’économie, j’ai pris l’engagement de sensibiliser et d’informer le grand public sur cet écosystème en constante évolution. Mon objectif est de permettre à chacun de mieux comprendre la blockchain et de saisir les opportunités qu’elle offre. Je m’efforce chaque jour de fournir une analyse objective de l’actualité, de décrypter les tendances du marché, de relayer les dernières innovations technologiques et de mettre en perspective les enjeux économiques et sociétaux de cette révolution en marche.
DISCLAIMER
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.
