Glassnode Shows Broad Bitcoin Accumulation as Price Tops $110K

In a striking on-chain development, Glassnode’s latest data reveals that over 78% of Bitcoin wallets are now in profit, even as the price briefly traded above $110,000 on Thursday. The synchronous uptick in accumulation across retail and institutional addresses suggests broad-based conviction—an encouraging sign for investors eyeing the next leg of crypto’s bull cycle.

Market overview

Bitcoin surged to a high of $110,450 on May 24, representing a 4.2% weekly gain. That rally lifted total market capitalization beyond $2.25 trillion, the first time above that threshold since early April. During the same period, Ethereum climbed 5.5% to $3,850, highlighting a synchronized move across major cryptocurrencies.

Trading volumes ticked down modestly—from $40.2 billion on Tuesday to $37.6 billion on Thursday—as investors shifted focus from active trading to strategic accumulation. “A period of lower volume coupled with price strength typically signals supply hunger,” says on-chain analyst Maya Singh of IntotheBlock.

Accumulation trends

Glassnode’s “Net Position Change” metric recorded a net inflow of 15,100 BTC into wallets holding fewer than 1 BTC, marking the highest daily tally since January. Simultaneously, addresses holding between 1 and 10 BTC added 8,400 BTC, indicating that small-to-mid-sized holders are the driving force behind this latest accumulation wave.

Larger whales were not left out. Cold wallet balances for addresses above 1,000 BTC rose by 3,200 BTC, a move that often precedes sustained bullish momentum. “Institutional bulls are stacking,” notes Glassnode Chief Analyst Rafael Schultze-Kraft. “When they reaccumulate at these levels, it underscores confidence in Bitcoin’s long-term narrative.”

Institutional activity

On the institutional front, the trend is equally compelling. According to data from CoinShares, Bitcoin exchange traded products saw inflows totaling $325 million over the past five trading sessions. BlackRock’s IBIT ETF alone contributed $180 million of that sum, reflecting continued demand even as spot Bitcoin rallied.

Hedge funds are also rebalancing portfolios. A survey by K33 Research found that 62% of respondents plan to increase Bitcoin exposure in Q3 2025, with macroeconomic concerns driving the shift. “The narrative of digital gold is resonating anew,” says Daniel Ahmad, K33 Research Partner.

Technical outlook

From a charting perspective, Bitcoin’s breakout above the 200-week moving average at $106,300 has opened the door to higher targets. The next resistance cluster sits between $112,500 and $115,000, where prior supply zones may challenge bulls.

Key indicators

The 14-day Relative Strength Index (RSI) currently reads 68—approaching overbought territory but still leaving room for upside. Meanwhile, the Moving Average Convergence Divergence (MACD) histogram is showing expanding green bars, signaling strengthening momentum.

Support levels

On any pullback, traders will watch $108,000 as critical support, with secondary bids likely at the 50-day moving average of $105,800. A decisive hold above these marks would reinforce the accumulation thesis laid bare by Glassnode.

Conclusion

Glassnode’s data paints a picture of widespread confidence: from small hodlers stacking their first sats to whales securing thousands more BTC. As Bitcoin consolidates its foothold above $110,000, that conviction is likely to underpin future rallies.

Investors should consider both on-chain signals and classic technical benchmarks when positioning for the next phase. If accumulation continues at this pace, a push toward $120,000 by mid-June is well within reach, setting the stage for a potential year-end sprint toward $150,000.

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