Addresses holding at least one Bitcoin are referred to as “wholecoiners,” and their numbers can be used to gauge market confidence in Bitcoin’s future prospects. In May last year, the number of wholecoiners surpassed one million, and in January this year, it reached a historic high. To date, there are still 1,010,800 wholecoiners, maintaining over a million for 13 consecutive months, suggesting the market expects a bullish future for Bitcoin.
**Table of Contents**
– BTC Wholecoiners Maintain Over 1 Million for 13 Consecutive Months
– Can BTC Wholecoiners Determine the Bottom?
– Options Market Seems Optimistic About Bitcoin Reaching New Highs in Q4
Addresses that hold at least one Bitcoin, known as “wholecoiners,” account for a significant proportion of Bitcoin ownership. Therefore, the number of wholecoiners is an important reference indicator that can help us judge the market’s confidence in the future prospects of Bitcoin.
On May 13, 2023, the number of wholecoiners broke the milestone of one million when the price of Bitcoin was $27,000. On January 1 this year, the number of wholecoiners reached a new historical high, with over 1,024,000 wallets holding one or more Bitcoins.
As of now, the number of wholecoiners remains at 1,010,800, which has been maintained over one million for 13 consecutive months. Despite the recent months’ decline in Bitcoin’s price from its historical high, the number of holders has not decreased, which may imply that wholecoiners believe Bitcoin has not yet reached its peak.
During 2022, when the price of Bitcoin fell by more than 65%, the number of wholecoiners surged, with the most significant growth occurring during the market crash in June and after the collapse and bankruptcy filing of FTX in November.
No one could be certain whether the bottom for Bitcoin had been reached during this time, but the increasing number of wholecoiners could also be seen as an indicator of whales building a base at the bottom. In hindsight, the period in November 2022 when Bitcoin dipped to $15,500 indeed marked the bottom of the previous bear market.
On the other hand, in the Bitcoin options expiring in September, the strike price with the largest open interest (OI) was $90,000, and for options expiring in December, the strike price with the largest OI reached $100,000.
This indicates that the market may have high expectations for Bitcoin’s price to exceed these strike prices in September and December, suggesting that Bitcoin could reach new highs in the fourth quarter of this year. However, it is also a reminder that options trading is quite complex, and future trends cannot be simply determined by this alone; more data must be combined for reference.
**Related Reports**
– Analyzing the Bitcoin Adoption Curve: BTC Expected to Be on Par with the Dollar by 2030?
– A Look at Five ‘National-Level’ Bitcoin Whales: Holding Over 510,000 BTC, the US and Germany Begin to Unload
– A Satoshi-Era Miner Who Slept for 14 Years Liquidates BTC, Profiting Over 1 Million Times, as Bitcoin Defends the $60,000 Level