BTC Wholecoiners maintain over 1 million for 13 consecutive months
On May 13, 2023, the number of wholecoiners surpassed the 1 million milestone when the price of Bitcoin was $27,000. On January 1 of this year, the number of wholecoiners reached a new all-time high with over 1,024,000 wallets holding one or more Bitcoins.
Currently, the number of wholecoiners remains at 1,010,800, which has been maintained above 1 million for 13 consecutive months. Despite the Bitcoin price retracing from its historical peak in recent months, the number of wholecoiners has not declined. This may suggest that wholecoiners believe Bitcoin has not yet reached its peak.
Can BTC Wholecoiners also predict the bottom?
On the other hand, during the period in 2022 when the Bitcoin price fell by over 65%, the number of wholecoiners increased significantly. The most notable growth occurred during the market crash in June and the period following the bankruptcy filing of FTX in November.
During this time, no one could determine if the bottom of Bitcoin had already been reached. However, with the increasing number of wholecoiners, it could be seen as an indication of whales building a bottom. In hindsight, the period in November 2022 when Bitcoin dropped to $15,500 was indeed the bottom of the previous bear market.
Options market seems optimistic about Bitcoin hitting new highs in Q4
On the other hand, in the Bitcoin options expiring in September, the highest open interest (OI) was at a strike price of $90,000. In the options expiring in December, the highest open interest was even higher at a strike price of $100,000.
This indicates that the market may highly expect Bitcoin’s price to exceed these strike prices in September and December, potentially reaching new highs in the fourth quarter of this year. However, it is important to note that options trading is complex, and it should not be solely relied upon to predict future trends. More data needs to be considered for reference.
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