Bitcoin’s drop below $60,000 earlier this month spurred investors to pile into the largest cryptocurrency, with almost 260,000 BTC bought over 10 days and one measure of demand increasing to its highest possible level.
Investors have bought a net 259,298 BTC since June 5, paying between $59,000 and $67,000, according to Glassnode UTXO Realized Price Distribution data. Glassnode’s Accumulation Trend Score by Wallet Cohort, which measures the relative strength of purchasing fervor based on both the size of buyers and the amount acquired over the previous 15 days, stands at 1.0, the top reading.
Buying has been broad-based across wallet cohorts, ranging from holders with less than 1 BTC, typically retail investors, to those with as many as 1,000 BTC. Notably, from March through May, most groups were net distributors, or sellers, as bitcoin stagnated around $70,000.
The aggregate Accumulation Trend Score has now remained at a peak level for more than two weeks, indicating aggressive buying across cohorts and marking the strongest accumulation behavior observed during the current drawdown.