Connect with us
Active Currencies 14431
Market Cap $2,650,272,055,975.30
Bitcoin Share 50.11%
24h Market Cap Change $-2.76

Bitcoin: Whales continue to show faith despite stagnant prices

2min Read

Bitcoin whales continue to accumulate despite uncertainty in the market. However, traders begin to show signs of skepticism as BTC reaches new heights.

Bitcoin: Whales continue to show faith despite stagnant prices

Share this article

  • Bitcoin whales continued accumulation despite FUD. 
  • Traders remain skeptical as put options taken against Bitcoin began to rise.

Bitcoin’s price has been unable to pass the $31,000 -$30,000 threshold over the last month. With high prices and profitable addresses, many skeptics believe that Bitcoin[BTC] may be unable to push past these levels in the near term.

Is your portfolio green? Check out the Bitcoin Profit Calculator

Whales show interest

However, whales and sharks remained optimistic. Based on Santiment’s data, Bitcoin’s prominent investors and large-scale holders continue to exhibit persistent activity, unaffected by the relatively stagnant price range of $30,000 to $31,000. The accumulation of 71,000 additional BTC, amounting to a value of $2.15 billion, has been observed among 10,000 BTC addresses since 17 June.

As a result of the accumulation, there has been a significant surge in the quantity of addresses with more than 1 Bitcoin. According to data from glassnode, the number of addresses holding 1+ Coins has recently reached an all-time high of 1,008,517.

Additionally, it was noticed that a considerable portion of addresses remained inactive without engaging in any Bitcoin transfers or displaying signs of activity. This observation was made based on data provided by Glassnode.It revealed that the Amount of Supply Last Active 2y-3y (1d MA) has recently reached an all-time high of 3,032,163.240 BTC.

This indicated many of the addresses accumulating Bitcoin were planning to HODL and store their BTC instead of selling them.

Source: glassnode

Traders not entirely convinced

Nevertheless, amidst these findings, a shift in traders’ sentiment toward bearishness has become apparent. Recently, there has been a noticeable rise in the put-to-call ratio for Bitcoin. This indicated an increasing preference among traders for options contracts that profit from downward price movements. This shift in sentiment suggested a growing caution and anticipation of potential price declines.

Source: The Block

Read Bitcoin’s Price Prediction 2023-2024

The increase in bearish sentiment can be attributed, in part, to the expanding Implied Volatility observed in Bitcoin options. This rise indicates a higher degree of market uncertainty and risk perception among traders and investors.

Source: The Block


Himalay is a full-time journalist at AMBCrypto. A Computer Science graduate, Himalay writes about crypto with a special focus on the latest coin-based updates. He is a fan of gonzo journalism, transgressive fiction, heavy metal, and Manchester United.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.