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goozerin / Bitnews
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2024-06-29 02:58:32

goozerin on Nostr: Bitcoin (BTC) Activity at Lowest Level Since 2010 πŸ“‰πŸš¨ According to on-chain data ...

Bitcoin (BTC) Activity at Lowest Level Since 2010 πŸ“‰πŸš¨

According to on-chain data from IntoTheBlock, the share of active Bitcoin addresses has fallen to its lowest level since November 2010. πŸ•°οΈ

In June, the percentage of weekly active wallets dropped to a low of 1.22% and reached a high of only 1.32%. πŸ“Š The highest value this month was last achieved in November 2010.

Moreover, the total number of active wallets has hit a multi-year low. πŸ“‰ In the week of May 27, 614,770 active wallets were recorded, the lowest figure since December 2018.

A declining share of active addresses indicates a lack of buying and selling activity among Bitcoin investors, suggesting a period of market consolidation. πŸ’ΌπŸ”’
BTC$61,705 πŸ’°


Juan Pellicer, a senior analyst at IntoTheBlock, attributes the decreasing wallet activity to weaker retail investor participation compared to previous cycles. πŸ‘₯πŸ“Š

"This year's run to a new all-time high was driven by institutional capital, not retail investors," Pellicer told Cointelegraph. πŸ’πŸ’Ό

"The general economic situation may have played a role in retail investors not making as many crypto investments as in the past." πŸ“‰

The decline in activity rate comes as investors prepare for a period of increased whale activity, including the Mt. Gox trustee planning to start distributing payments to creditors in July. πŸ³πŸ’°
Some larger Bitcoin holders, including governments, have also been associated with recent selling activities. πŸ›οΈπŸ’Ό

"Due to this concentration, a large part of the bearish trading activity takes place off-chain, which doesn't significantly impact on-chain address activity statistics," Pellicer adds. πŸ“ŠπŸ”—

#bitcoin #crypto #bitnewstoday #invest
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