- Despite the uncertainties in the crypto market, long-term Bitcoin investors have continued to hold their faith in BTC without being affected by the recent market volatility.
- According to data, the number of addresses with more than 1 Bitcoin has reached an all-time high of 4,394,881.
- The Open Interest ratio for Bitcoin is also increasing, indicating growing market participation and activity.
Bitcoin is at a significant crossroads; current data shows that investors have not lost their faith and the open interest ratio is increasing.
Bitcoin Holders Haven’t Lost Their Faith
Despite the uncertainties in the crypto market due to the SEC lawsuit process and FOMC statements, long-term Bitcoin investors have continued to hold their faith in BTC without being affected by the recent market volatility.
According to data, the spending of coins held for a long time remained relatively stagnant compared to typical levels, even amidst significant price fluctuations from the beginning of the year. This indicates that long-term investors have been holding BTC steadily without succumbing to panic selling or excessive trading.
In addition, according to a measure called Binary Bitcoin Coin Day Destruction, the level of BTC movement and spending associated with it has remained relatively low compared to the high levels observed in the 2021 bull market. This highlights the patience and confidence of long-term investors by showing relatively less activity in Bitcoin spending recently.
Along with the increasing positive sentiment shown by long-term investors, individual investors have also started showing interest in BTC. According to data, the number of addresses with more than 1 Bitcoin has reached an all-time high of 4,394,881.
In addition to individual investors, whales are also returning to the Bitcoin market as the number of addresses holding more than 1 BTC has increased in the past week.
This renewed interest from large-scale investors further reinforces the attention and confidence Bitcoin continues to attract from various market participants.
Number of Addresses Holding More Than 1 Bitcoin
Bitcoin Traders’ Behavior
The Open Interest ratio for Bitcoin is also increasing, indicating growing market participation and activity. At the time of writing, the put-call ratio was recorded as 0.49, reflecting an optimistic sentiment among traders.
This sentiment has been reinforced by the belief that market conditions are favorable for Bitcoin’s future growth.
Bitcoin is currently trading at $26,494 and has experienced a significant recovery after a correction last week. In addition to the price recovery, BTC’s MVRV ratio has also increased during this period. This indicates that some investors may start feeling pressure to sell soon.
Furthermore, the decrease in the long/short difference implies an increase in short-term addresses holding Bitcoin, suggesting that these addresses may be inclined to sell their assets when they become profitable.
Bitcoin Price / Bitcoin MVRV Ratio
