U.Today: Retail Bitcoin (BTC) investors have been investing more in the flagship cryptocurrency over the past month. More Bitcoin addresses are now holding smaller amounts of the money, according to data from the on-chain market intelligence site Glassnode. Retail investors get active
Analyzing Glassnode data
Glassnode provided a figure in an X post that showed a surge in the amount of Bitcoin held by investors with 1–10 BTC. These investors, who belong to the Shrimp and Crab cohort, accumulated 25,600 BTC, or 1.9 times the newly issued Bitcoin supply from the previous month. These smaller investors bought more Bitcoin at prices of about $100,000.A surge in new investors is reflected in the growing retail activity on the Bitcoin market. It proves that current investors and whales are not the reason behind the recent spike in Bitcoin prices.
Additionally, an accumulation-phase pattern may be indicated by the rising retail demand for Bitcoin.
The adoption of Bitcoin may be solidified if the current trend persists, which might result in another price increase. It is crucial to remember, though, that retail investors have historically been more prone to panic during slight market swings, which frequently leads to hasty profit-taking.
As a result, if market sentiment changes negatively or volatility increases, Bitcoin may experience more selling pressure. The price of Bitcoin is currently down 3.5% over the past day, at $102,395 as of this writing.
Bitcoin whales push harder
According to an intriguing recent U.Today report, Bitcoin whales have started trading again. The spot Bitcoin Exchange-Traded Fund (ETF) market saw $248 million in net inflows on Wednesday. This implies that despite Bitcoin's dismal price trend, institutional demand is still fairly substantial. Larry Fink, the CEO of BlackRock (NYSE:BLK), recently predicted that Bitcoin may rise to $700,000. According to Fink, his forecast depends on Bitcoin's capacity to draw in further institutional adoption. A possible Bitcoin investment with a sovereign wealth fund was also disclosed by the CEO.