Bitcoin (BTC)'s dip below 60,000 USD earlier this month triggered a strong wave of buying. According to data from Glassnode, investors have acquired a net 259,298 BTC since 5/6, within the price range of 59,000 to 67,000 USD. Concurrently, the Accumulation Trend Score across various wallet groups has reached one, the highest level for this indicator.

The Accumulation Trend Score, segmented by wallet groups, assesses the relative behavior of investor cohorts that are accumulating or distributing tokens. This indicator factors in both the size of each group's holdings and the change in net balance over the past 30 days. A score approaching one indicates strong accumulation by investors, particularly those with large wallets. Conversely, a score nearing zero suggests the market is in a distribution phase, with multiple wallet groups selling off simultaneously.

Buying pressure has been widespread across almost all wallet groups, ranging from addresses holding under one BTC (typically individual investors) to those owning up to 1,000 BTC. Notably, during the period from 3/2026 to 5/2026, most of these investor groups were net sellers when Bitcoin prices hovered around the 70,000 USD mark.

The aggregate Accumulation Trend Score has remained at its maximum level for over two consecutive weeks. This underscores robust accumulation activity across the entire market. Glassnode highlights this as the most aggressive accumulation phase since Bitcoin entered its current corrective period.

Since the beginning of the week, the world's largest cryptocurrency has consistently held above 65,000 USD. Yesterday afternoon, BTC even approached the 67,000 USD mark. Market value improved after the Bank of Japan (BOJ) raised interest rates to a 31-year high.

Several altcoins recorded significantly stronger gains. Among the top 100 cryptocurrencies by market capitalization, Stellar (XLM), Injective (INJ), and Uniswap (UNI) were the strongest performers, with increases ranging from 13% to 16%. UNI, in particular, received a boost from Standard Chartered initiating coverage of the project and setting a long-term price target of 100 USD by 2030.

The cryptocurrency market, especially Bitcoin, also received support as BlackRock's newest Bitcoin ETF, the Bitcoin Premium Income Fund (BITA), began trading yesterday. BlackRock is one of the largest asset managers globally. Previously, it launched the IBIT spot Bitcoin ETF in early 2024, which currently manages nearly 49 billion USD in assets.

According to Jay Jacobs, BlackRock's head of ETF equity in the US, this product is designed not to capitalize on short-term market fluctuations but to meet the increasingly diverse needs of investors as the Bitcoin market matures. The fund offers both access to the cryptocurrency and generates regular monthly income through a covered call strategy.

BITA targets three primary investor groups:: The first group comprises those seeking a recurring income stream beyond traditional assets such as dividend-paying stocks or bonds. The second group includes individuals holding substantial amounts of BTC who wish to generate additional cash flow from this asset to support their spending needs.

The remaining group consists of investors who previously steered clear of Bitcoin or gold because these assets do not generate cash flow. Jacobs noted that this has been a frequent concern BlackRock has heard from clients over many years, and BITA is designed to address this need in part.

Tieu Gu (according to CoinDesk)