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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Number of Bitcoin “Wholecoiners” is Growing Rapidly; Here’s What This Means

Cole Petersen
Cole Petersen
1 year ago
2 mins read
Bitcoin BTC

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Bitcoin (BTC) investors are heavily accumulating the cryptocurrency despite its ongoing downtrend, which could be a positive sign for the benchmark crypto’s macro outlook.

This growth is elucidated while looking at the number of investors who hold over 1 BTC – commonly referred to as “wholecoiners” – which has been skyrocketing over the past several weeks.

This bullish factor, coupled with heightened market participation rates amongst futures and options traders, seems to suggest that the market is growing and maturing despite the intense ongoing selloff that is plaguing BTC and most other major altcoins.

Investors are Accumulating Bitcoin Despite Intense Downtrend 

The past several weeks have been rough for Bitcoin and the aggregated cryptocurrency market, with BTC and most other major altcoins plummeting from their 2020 highs in late-February in a trend that has been perpetuated by the weakness in the global markets.

Although the selloff has shifted investor’s sentiment to be highly bearish, it appears that retail investors still have some underlying confidence in Bitcoin’s mid-to-long term outlook, as data shows that the number of wallet addresses holding over 1 BTC has just hit a fresh all-time high.

Glassnode, a prominent cryptocurrency research and analytics firm, spoke about this in a recent tweet, noting that there are now 795,630 wallets containing over 1 Bitcoin.

“BTC Number of Addresses holding 1+ coins just reached an ATH of 795,630.000. Previous ATH of 795,300.000 was observed on 10 March 2020,” they noted while pointing to a chart showing the steady growth of new “wholecoiners.”

📈 #Bitcoin $BTC Number of Addresses holding 1+ coins just reached an ATH of 795,630.000

Previous ATH of 795,300.000 was observed on 10 March 2020

View metric:https://t.co/s7tx1xxyz3 pic.twitter.com/bjcdmFv7kq

— glassnode alerts (@glassnodealerts) March 11, 2020

This data metric is important because it offers insight into how investors view Bitcoin as an investment, with the steady growth of this number elucidating that it is garnering increasing popularity.

Crypto Market Shows Signs of Vitality as Futures and Options Volume Explodes 

As reported by NewsBTC yesterday, Bitcoin’s CME Futures and options trading volume has seen a drastic rise throughout the past several days, showing that investors and traders are both highly involved in the markets despite the ongoing selloff.

Skew – another blockchain analytics firm – spoke about the rise in BTC options trading volume in a recent tweet, noting that it just set fresh all-time highs of $200m yesterday.

“All time high for bitcoin options volumes yesterday with nearly $200mln trading,” analytics platform Skew noted in a recent tweet.

All time high for bitcoin options volumes yesterday with nearly $200mln trading pic.twitter.com/dwS2hlqbnl

— skew (@skewdotcom) March 10, 2020

CME Futures volume rose in tandem with Bitcoin’s options volume, surging to $400m. This shows that despite the overt weakness of the market, investors and traders are both still heavily engaged with and interested in Bitcoin.

Featured image from Shutterstock.
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Cole Petersen
Cole Petersen

Cole Petersen

Cole is a cryptocurrency analyst based in Los Angeles. He studied at the University of California Irvine and has been interested in Bitcoin and the crypto markets since 2013.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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