Bitcoin (BTC) addresses holding 10 to 10,000 coins reached a six-month high in combined balance, Santiment said, while The Daily Digits reported higher implied volatility for November puts than comparable calls.
From Sept. 19 through Oct. 19, addresses in that range gained about 88,987 BTC, lifting their total above 13.69 million BTC, according to Santiment. The analytics firm’s findings were also included in earlier EconoTimes coverage of Bitcoin.
Those balances measure coins held by addresses, not the number of owners. They also cannot show whether the added BTC was purchased. Santiment said the cohort’s holdings have historically tracked major Bitcoin price trends, but said the latest accumulation alone cannot establish that BTC prices will rise.
The Daily Digits, in an analysis published on CryptoQuant, put the November 25-delta risk reversal at minus 3.19 volatility points. Risk reversal compares the implied volatility of calls and puts with similar deltas. Under its call-minus-put calculation, a negative figure means puts carry higher implied volatility.
The analysis described that difference as a relative premium for buyers seeking protection against a decline. The on-chain balance series and options pricing provide no basis for identifying overlap between the cohort and put traders.
Deribit’s DVOL index closed Oct. 19 at 37.33, The Daily Digits reported, placing it among the lowest 8% of daily values since March 2021. Deribit defines the index as an annualized measure of implied Bitcoin volatility over 30 days. DVOL gauges the size of moves priced into options, while risk reversal compares the implied volatility of puts and calls.
The Daily Digits interpreted the low DVOL reading as a sign that options sellers were comfortable with a relatively quiet month. That is the contributor’s interpretation of the reading, rather than a price forecast.
The analysis identified the Nov. 27 options expiry as the next date to watch, alongside changes in DVOL and funding rates.
