Bitcoin Ignites Uptober Rally: Data Points to Sustained Growth Ahead
The most recent weekly data from CryptoQuant indicates that the current market run is still very strong. This year, Bitcoin has reached several all-time highs, but profit-taking is still below previous cycle peaks. As the leading cryptocurrency begins “Uptober,” which has historically been its strongest month, it has gained momentum. The market has rallied broadly as a result of this spike, with capital moving into more established cryptocurrencies. Concerns are also being raised regarding whether the remarkable increase in digital assets can be sustained. It becomes evident when one looks at the on-chain data.
Long-Term Bitcoin Holders Stay Confident Despite 50% Drop in Profits
Bitcoin owners have only profited $30 billion in the last 30 days, according to CryptoQuant. This amount is a 50% decrease from the peak of $63 billion in July. Additionally, it is far lower than the $78 billion and $99 billion levels recorded during the market peaks in March and December 2024, respectively. Long-term owners of Bitcoin, which presently has a realized profit margin of 129%, share this belief. The 300% level, which usually denotes market exhaustion, is far below this.
Currently, $120,000 to $140,000 call options remain the most heavily concentrated contracts, with the $120,000 key level seeing the highest concentration of Bitcoin positions,
Adam Chu, chief researcher at GreeksLive
Bitcoin Options Show Strong Bullish Sentiment Ahead of Potential New Highs
Major players are focusing on out-of-the-money call options, he clarified. Only when the price of Bitcoin surpasses specific strike levels can these contracts turn a profit.
Market maker gamma levels remain low, meaning minor price fluctuations have limited impact,
Chu
He goes on to say that $110,000 acts as vital support and that new highs can lead to a surge in buying activity. The combination of sophisticated bullish posture and disciplined holding patterns indicates sustained upward momentum.
Personally, I still believe October’s market conditions will be favorable,
Chu
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