Despite the rapid decline of the cryptocurrency market, Bitcoin buying activity has started from retail investors.
The past few months have been a long and difficult one for Bitcoin, which has continued to plunge below the psychological $20,000 level. But that doesn’t stop retail investors from buying in.
Investors, both large and small, have lost significant amounts of money betting on Bitcoin. But the latest data from IntoTheBlock shows that retail is stacking up. The crypto analytics platform revealed that the balance of addresses holding < 30 days has risen to its highest level since January of this year.
These traders increased their holdings by 28.81% in 30 days, reaching 2.13 million BTC on June 24. Checkmate, a leading chain analyst at data firm Glassnode, also revealed a similar trend.
Observe that not only do the smallest investors have 10 BTC or less in their wallets but the whales are also piling up. The second group is moving funds from exchanges to private wallets indicating that the price is about to bottom.
JP Morgan strategists recently speculated that the sell-off in the crypto market could end soon and a bottom could be near. On the other hand, BTC miners have had to sell their tokens amid high energy costs due to the market drop over the past few months.
Among the famous hoarders is the company MicroStrategy, which announced another $10 million BTC purchase despite the bear market. Or most recently, Nayib Bukele’s optimistic attitude, when he just announced El Salvador bought today 80 BTC at $19,000 each.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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