Strong Belief in Bitcoin: Its Lowest Level Was Reached in This Period

While Bitcoin prices constantly change in the cryptocurrency world, the decrease in transfers made by investors to exchanges is noteworthy. Among investors holding at least 1 Bitcoin, the lowest level in the bull cycle has been observed for Bitcoin (BTC). This situation is evaluated as an indication that investors' long-term beliefs have strengthened.

Investors called wholecoiners in the crypto market are individuals who hold at least 1 full Bitcoin in their wallets and constitute an important indicator for understanding market psychology. While these investors sending Bitcoin to exchanges is generally associated with selling pressure, the decrease in transfers expresses investors' determination to hold onto their assets.

According to data shared by a CryptoQuant analyst, wholecoiner inflows on the Binance platform reached an annual average of 11,500 BTC in November 2023, whereas today this figure has decreased to approximately 7,000 BTC. A similar trend is observed on other exchanges; annual average inflows, which were 45,000 BTC in May 2024, have now dropped to levels of 30,000 BTC.

According to the CryptoQuant analyst, wholecoiner movements carry critical clues about the Bitcoin price. While an increase in inflows to exchanges indicates profit realization or risk-aversion tendencies, a downward trend shows investors' commitment to their assets. Thus, the decrease in selling pressure in the markets contributes to the strengthening of the bull cycle.

Owning one full Bitcoin is becoming increasingly difficult due to rising prices, and the wholecoiner demographic carries more value economically and psychologically. As Bitcoin's scarcity effect grows, every 1 BTC becomes even more special, and the behavior of investors in this group is critically important for market dynamics.