Bitcoin (BTC) on-chain activity is strengthened as assets consolidated nearly $108,000 and $120,000 appears as the next major interest price range.
GlassNode May 28th Report It highlighted increased investors’ profitability, increased accumulation, and robust exchange flows. These conditions resemble past bull market peaks.
Bitcoin hits New history’s best at $111,000 Before pulling back to $107,000. Then it’s stable just above that level.
The accumulation has skyrocketed, and GlassNode’s accumulation propensity score is approaching a maximum of 1.0, suggesting that investors are actively adding to their positions during this price discovery phase. The market observed similar behavior in 2024 at highs of $70,000 and $107,000.
Investor profitability is also intensifying. Relative unrealized profit metrics have reached levels historically related to euphoric market conditions.
The report noted that only 16% of trading days saw profits at this level. The used output profit margin (SOPR) indicates that the average coin has moved in chains.
Trading activities are heated
Exchange behavior confirms this trend, with around 33% of all Bitcoin volumes flowing through centralized exchanges since the beginning of this year.
The average profit for coins deposited on the exchange is $9,300, with an average loss of just $780, resulting in a 12:1 profit margin, reflecting the previous bullish cycle.
Leverage has also been built. Futures Open Inters has risen from $36.8 billion to $55.6 billion (+51%) since April, but options open interest surged to an all-time high of $46.2 billion, up $25.8 billion.
The Spot Bitcoin Exchange-Traded Funds (ETF) continues to draw more than $300 million inflows per day, providing additional buy-side momentum.
I’m not exhausted
Technically, Bitcoin trades its 111-day moving average at $91,800, a 200-day moving average at $94,300 and a short-term holder cost base of $95,900, strengthening its bullish momentum.
The chain’s pricing model places key resistances between $120,300 and $135,700. Historically, this range covers only 17.5% of Bitcoin’s trading history, often serving as a cap during periods of happiness.
The report concluded that the market is intensifying, but it has not yet reached fatigue. If momentum continues, the next test could occur in the $120,000 zone, as long as investor demand can absorb the rising pressure to earn profits.
When reporting 9:36pm in May. 28, 2025Bitcoin ranks number one in terms of market capitalization, and the price is under 2.45% Over the past 24 hours. Bitcoin has a market capitalization 2.13 trillion dollars 24-hour trading volume $49.86 billion. Learn more about Bitcoin›