PakGazette – Last month, retail (BTC) investors increased their activity in the flagship cryptocurrency. Data from Glassnode, an on-chain market intelligence platform, shows that more Bitcoin addresses now contain smaller amounts of the cryptocurrency.
Analyzing Glassnode data
In an X post, Glassnode shared a chart showing an increase in Bitcoin supply from investors holding between 1 and 10 BTC. These investors classified in the Shrimp and Crab cohort accumulated 1.9 times the supply of newly minted Bitcoin last month, amounting to 25,600 BTC.
These smaller investors increased their BTC purchases to prices around $100,000. The growing retail activity in the Bitcoin market reflects an influx of new investors. It proves that BTC’s recent surge is not caused by existing investors or whales artificially driving the market up.
Additionally, rising retail demand for Bitcoin could mean an accumulation phase trend. If the current trend continues, it could solidify BTC adoption, which could lead to a new bullish price trend.
However, it is important to note that historically retail investors are more susceptible to panic during minor market fluctuations, often resulting in rapid profit-taking. Therefore, Bitcoin could face increased selling pressure if volatility increases or market sentiment changes negatively.
At the time of writing, BTC price is trading at $102,395, down 3.5% in the last 24 hours.
Bitcoin whales push harder
Interestingly, a recent report by PakGazette revealed that Bitcoin whales have resumed their activity in the market. On Wednesday, the Bitcoin exchange-traded fund (ETF) spot market racked up net inflows of $248 million. This suggests that institutional demand remains quite high, despite Bitcoin’s disappointing price movement.
Meanwhile, BlackRock (NYSE 🙂) CEO Larry Fink recently predicted that Bitcoin could reach the $700,000 level. Fink said his prediction depends on Bitcoin’s ability to attract broader institutional adoption. The CEO also revealed a possible investment in Bitcoin with a sovereign fund.
