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The number of Bitcoin holders is at an all-time high, with wallets holding more than 0.1 BTC hitting the 4.07 million mark.
According to Glassnode, the number of Bitcoin (BTC) holders is at an all-time high even as the bottom draws near. The on-chain analytics portal stated that the number of Bitcoin holders with a position size between 0.1 and 10 had reached new heights.
Bitcoin Holders All-time High Breakdown
The Bitcoin holders’ all-time high development sees the number of wallets holding more than 0.1 BTC, attaining the 4.07 million mark. In addition, the number of wallets holding a balance of more than 1 but less than 10 BTC is now at 952,754.
Popular BTC analyst Willy Woo noted that the bottom of the primary crypto market is fast approaching and based his analysis on the Max Pain model. This model states that Bitcoin price reaches the bottom of the cycle when 58%-61% of all tokens are bought at a loss.
Bitcoin is currently changing hands at just over $16K and is still reeling from the FTX fallout. The leading digital currency has been on a downward spiral for several weeks and shows no signs of changing course soon. In addition to its waning value, Bitcoin’s dominance index also dropped to 39.82%, which indicates the bottom zone.
Despite its dwindling price level, Bitcoin may not drop substantially below the $15,500 threshold. Venturing into this price range may see the leading token pulled much lower by waiting bears. On the flip side, however, some observers in the crypto space also continue to hold out hope that Bitcoin price could rebound to at least $18,600. Such an upswing may see the token overcome strong price resistance and ride bullish momentum to even higher levels.
BTC Miners in Jeopardy
According to Capriole Investments founder Charles Edwards, many miners may be forced out of business unless BTC price rises soon. Early last week, reports stated that Bitcoin miners were already on the most aggressive selloff in the last seven years. Referring to the selloff development as a “Bitcoin minor bloodbath,” Edwards stated that this is the most aggressive miner selling in nearly 7 years, specifying that it has spiked 400% in only 3 weeks. The Capriole Investments founder also added:
“What we are seeing is not sustainable. Mine-and-hodl is not a viable strategy as a Bitcoin miner. Miners are paying the consequences of the “never selling” arrogance widespread just 6 months ago. You need to manage (trade) your Bitcoin position constantly in this market.”
Earlier this month, Edwards opined that BTC looked dangerously oversold based on the Energy Value Model. Last Thursday, reports also stated that crypto whales sold or redistributed up to 100,000 BTC valued at $1,656,100,000 within two days. These whales, who held wallets of between 1,000 to 10,000 Bitcoins, acted in the aftermath of the FTX collapse.
BTC’s current price is a long way from last year when it was trading at a record high close to $70K.