- Despite FUD, the bitcoin whales continued to accumulate.
- Traders remain skeptical as put options against Bitcoin began to rise.
The price of Bitcoin has failed to cross the $31,000 – $30,000 threshold in the past month. With high prices and profitable addresses, many skeptics believe that Bitcoin[BTC] may not be able to move past these levels any time soon.
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Whales show interest
Whales and sharks, however, remained optimistic. Based on Santiment’s data, Bitcoin’s prominent investors and large-scale holders continue to show sustained activity, unaffected by the relatively stagnant $30,000 to $31,000 price range. The accumulation of an additional 71,000 BTC, representing a value of $2.15 billion, has been observed at 10,000 BTC addresses since June 17.
#BitcoinSharks and whales show no signs of slowing down, even as prices start to get “dull” in this $30,000 to $31,000 range. Since June 17 10 to 10k $BTC addresses collected an additional 71,000 coins, amounting to $2.15 billion. https://t.co/poBVnszbZY pic.twitter.com/XxYsHWCFRL
— Santiment (@santimentfeed) July 8, 2023
As a result of the accumulation, there has been a significant increase in the number of addresses exceeding 1 Bitcoin. According to data from glassnode, the number of addresses with 1+ Coins has recently reached an all-time high of 1,008,517.
In addition, it was noted that a significant portion of the addresses remained inactive without making Bitcoin transfers or showing signs of activity. This observation was made based on data from Glassnode. It revealed that the amount of last active delivery from 2 years to 3 years (1d MA) has recently reached an all-time high of 3,032,163,240 BTC.
This indicated that many of the addresses collecting Bitcoin intended to HODL and store their BTC rather than sell it.
Source: glasnode
Traders not entirely convinced
Nevertheless, amid these findings, there is a shift in traders’ sentiment towards bearishness. Recently, there has been a noticeable increase in the put-to-call ratio for Bitcoin. This indicated an increasing preference of traders for options contracts that benefit from downward price movements. This shift in sentiment suggested growing caution and anticipation of possible price falls.
Source: The Block
Read the Bitcoin price forecast for 2023-2024
The increase in bearish sentiment can be partially attributed to the increasing implied volatility seen in Bitcoin options. This increase indicates a higher degree of market uncertainty and risk perception among traders and investors. 
Source: The Block
