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Bitcoin Circle (120bTC.coM): Bitcoin reached a maximum of nearly 73,000 US dollars today (12th), setting another record high. It has soared by more than 67% in just three months this year. 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. trading volume at the time.

Bitcoin daily transaction volume changes

 Funding rates are still at a high point

Over the past week, the Bitcoin derivatives market has seen a large number of liquidations, adding to 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 rates

 Sell orders exceed buy orders

The market depth, which measures the volume of Bitcoin pending orders, has also shown a steady upward trend in the past few months, reaching more than $600 million last week. However, Kaiko pointed out that judging from the depth distribution of buy and sell orders, there is a serious imbalance. Since the beginning of 2021 , within 2% of the average price, sell orders far outnumbered buy orders, indicating that traders have been taking profits as Bitcoin reaches new highs.

Bitcoin buy and sell order depth changes

Overall, Kaiko said that as Bitcoin continues to climb, Bitcoin liquidity on centralized exchanges maintains a consistent trend, indicating that strong demand and some profit-taking support a healthy and responsive market.

 About 1,500 million dollar wallets are created every day

It is also worth noting that during this record-breaking rally, approximately 1,500 new "million-dollar wallets" were created every day, with the largest number occurring 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.

New changes to Bitcoin million dollar and tens of millions dollar wallets

Kaiko believes that there may be three main 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 start taking profits

   Whales store their Bitcoins in custodians rather than personal wallets.

Kaiko concluded that in 2021, with the influx of capital, all walks of life want to get a piece of the cryptocurrency craze, and this time, the whales may adopt a more cautious strategy, before investing. Determine whether there is still room for the rally.