Kaiko: About 1,500 million dollar wallets are born every day in the Bitcoin bull market! Whales start taking profits

This site (120bTC.coM): Bitcoin reached a maximum of nearly 73,000 US dollars today (12th), setting another record high. In just three months this year, it has soared by more than 67% . Kaiko Research released a report on the 11th stating that Bitcoin’s trading volume in the past week has been quite strong. Spot trading volume soared to US$51 billion on the 5th, setting a new high since 2021 and surpassing Bitcoin’s last bull market high in November 2021. The trading volume at the time.

Bitcoin daily trading volume changes

Funding rates are still at high points

In the past week, the Bitcoin derivatives market A large number of liquidations occurred, exacerbating market volatility. The open interest of Bitcoin perpetual contracts increased by nearly 2 billion US dollars on the 4th, reaching a multi-year high of 15 billion US dollars, and then decreased by 1.4 billion US dollars. The funding rate has dropped from high levels, but is still at a high point. Indicating that bullish demand remains strong.

Bitcoin derivatives open interest and funding rate

Sell orders exceed buy orders

Measures the market depth of Bitcoin pending orders , has also shown a steady upward trend in the past few months, reaching more than 600 million US dollars last week, but Kaiko pointed out that from the perspective of the depth distribution of buy and sell orders, there is a serious imbalance. Since the beginning of 2021, it has been within the range of 2% from the average price. Inside, sell orders far outnumbered buy orders, suggesting traders have been taking profits as Bitcoin hits new highs.

Bitcoin buy and sell order depth changes

Overall, Kaiko said that as Bitcoin continues to climb, Bitcoin liquidity on centralized exchanges The synchronic trend is maintained, which indicates strong demand and some profit-taking, supporting a healthy and responsive market.

About 1,500 million-dollar wallets are born every day

It is also worth noting that during this record-breaking rally, about 1,500 new "million-dollar wallets" were born every day. ”, the largest number occurred on the 1st, with 1,691 million-dollar wallets added in a single day.

However, in the last bull market, more than 4,000 new million-dollar wallets were born every day, and more than 2,000 new $10 million wallets were born.

Changes in the number of new million-dollar and tens-of-million-dollar wallets in Bitcoin

Kaiko believes that there may be three major reasons for the slowdown in the number of new million-dollar wallets. :

• New capital has not yet fully flowed in

• As Bitcoin hits new highs, whales begin to take profits

• Whales store their Bitcoins in custodial institutions instead of personal wallets.

Kaiko’s conclusion is that in 2021, with the influx of capital, all walks of life want a piece of the cryptocurrency craze, and this time, the whales may We will adopt a more cautious strategy and judge whether there is still room for growth before investing.

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