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Bitcoin‘s (BTC) price was unable to cross the $31,000-$30,000 threshold last month. A number of investors, drawn by high returns and profitable addresses, believe Bitcoin will not be able to cross these levels in the near future.
BTC Whales!
Despite BTC’s movements, the whales and sharks have maintained their optimism. According to data from Santiment, Bitcoin’s leading investors and large-scale holders continue to show persistent activity unaffected by the relatively stagnant price range of $30,000 to $31,000. It was observed that since June 17, 71,000 additional BTC valued at $2.15 billion has accumulated in 10,000 BTC addresses.
As a result of the accumulation, there has been a significant increase in the number of addresses with more than one Bitcoin. According to data from Glassnode, the number of addresses holding 1+ BTC recently reached an all-time high of 1,008,517.
Furthermore, it is reported that a significant portion of the addresses remains inactive without participating in any Bitcoin transfers or showing any signs of activity. This observation is presented from the data provided by Glassnode. The Last Active 2-3 Year Supply Amount (1 day MA) recently reached an all-time high of 3,032,163,240 BTC.
BTC Holders!
This situation indicates that many of the addresses accumulating Bitcoin plan to HODL and store their Bitcoins instead of selling them. Amid these findings, a downward trend in investor sentiment became apparent. Recently, there has been a noticeable increase in the buying rate for Bitcoin. The stated situation indicates an increasing preference among analysts for options contracts profiting from downward price movements. This shift in sentiment may indicate an increase in caution and expectations of potential price drops. The increase in bearish sentiment can be linked to the volatility observed in Bitcoin options. This increase may signal a higher degree of market uncertainty and risk perception among analysts and investors.
