Addresses holding at least one bitcoin are called “wholecoiners,” and the number of them can be used to judge the market’s confidence in the future prospects of Bitcoin. In May last year, the number of wholecoiners exceeded one million, reaching a historical high in January this year, with the current number of wholecoiners standing at 1,010,800, maintaining above a million for 13 consecutive months, implying a bullish outlook on Bitcoin’s future.
BTC Wholecoiners Maintain Above 1 Million for 13 Consecutive Months
Can BTC Wholecoiners Judge the Bottom?
The Options Market Seems Bullish on Bitcoin for Q4 to Hit New Highs
Wholecoiners, who hold at least one bitcoin, make up a significant proportion of bitcoin holders. Therefore, the number of wholecoiners is an important reference point that can help us assess the market’s confidence in Bitcoin’s future prospects.
On May 13, 2023, the number of wholecoiners exceeded the milestone of one million when the price of Bitcoin was $27,000. On January 1 this year, the number of wholecoiners reached a historical high, with over 1,024,000 wallets holding one or more bitcoins.
So far, the number of wholecoiners remains at 1,010,800, which has been above one million for 13 consecutive months. Despite the recent decline in the price of Bitcoin from its historical high, the number of wholecoiners has not decreased, which may indicate that wholecoiners believe Bitcoin has not yet reached its peak.
On the other hand, during the period when the price of Bitcoin dropped by over 65% in 2022, the number of wholecoiners surged, with the most significant growth occurring during the market crash in June and the period after the closure of FTX in November, when it filed for bankruptcy.
During this time, no one could determine whether the bottom of Bitcoin had arrived, but with the increasing number of wholecoiners, it may also be seen as an indicator of whales building support at the bottom. Looking back, the period in November 2022 when Bitcoin fell to $15,500 was indeed the bottom of the last bear market.
On the other hand, in the Bitcoin options expiring in September, the largest open interest (OI) was at a strike price of $90,000, while in the options expiring in December, the largest open interest was even higher at $100,000.
This indicates that the market may be highly anticipating Bitcoin to surpass these strike prices in September and December, setting new highs again in the fourth quarter of this year. However, it is important to note that options trading is quite complex, and future trends should not be solely judged based on this but should be considered along with more data.