goozerin on Nostr: Bitcoin (BTC) Activity at Lowest Level Since 2010 📉🚨 According to on-chain data ...
Bitcoin (BTC) Activity at Lowest Level Since 2010 📉🚨
According to on-chain data from IntoTheBlock, the share of active Bitcoin addresses has fallen to its lowest level since November 2010. 🕰️
In June, the percentage of weekly active wallets dropped to a low of 1.22% and reached a high of only 1.32%. 📊 The highest value this month was last achieved in November 2010.
Moreover, the total number of active wallets has hit a multi-year low. 📉 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. 💼🔒
BTC$61,705 💰
Juan Pellicer, a senior analyst at IntoTheBlock, attributes the decreasing wallet activity to weaker retail investor participation compared to previous cycles. 👥📊
"This year's run to a new all-time high was driven by institutional capital, not retail investors," Pellicer told Cointelegraph. 🏢💼
"The general economic situation may have played a role in retail investors not making as many crypto investments as in the past." 📉
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. 🐳💰
Some larger Bitcoin holders, including governments, have also been associated with recent selling activities. 🏛️💼
"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. 📊🔗
#bitcoin #crypto #bitnewstoday #invest
According to on-chain data from IntoTheBlock, the share of active Bitcoin addresses has fallen to its lowest level since November 2010. 🕰️
In June, the percentage of weekly active wallets dropped to a low of 1.22% and reached a high of only 1.32%. 📊 The highest value this month was last achieved in November 2010.
Moreover, the total number of active wallets has hit a multi-year low. 📉 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. 💼🔒
BTC$61,705 💰
Juan Pellicer, a senior analyst at IntoTheBlock, attributes the decreasing wallet activity to weaker retail investor participation compared to previous cycles. 👥📊
"This year's run to a new all-time high was driven by institutional capital, not retail investors," Pellicer told Cointelegraph. 🏢💼
"The general economic situation may have played a role in retail investors not making as many crypto investments as in the past." 📉
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. 🐳💰
Some larger Bitcoin holders, including governments, have also been associated with recent selling activities. 🏛️💼
"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. 📊🔗
#bitcoin #crypto #bitnewstoday #invest