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