PK Press Club – Retail investors (BTC) increased their activity in the flagship cryptocurrency last month. Data from Glassnode, an on-chain market intelligence platform, shows that more Bitcoin addresses now hold smaller amounts of the cryptocurrency.
Analyze Glassnode data
In an article, Glassnode shared a chart showing an increased supply of Bitcoin from investors holding between 1 and 10 BTC. These investors classified into the Shrimp and Crabs cohort amassed 1.9 times the newly created Bitcoin supply last month, amounting to 25,600 BTC.
These small investors increased their purchases of BTC at prices around $100,000. The increase in retail activity in the Bitcoin market reflects an influx of new investors. This demonstrates that the recent rise in BTC is not caused by existing investors or whales artificially pushing the market higher.
Additionally, the growing retail demand for Bitcoin could mean a trend towards the accumulation phase. If the current trend continues, this could cement BTC adoption, potentially leading to a new upward price trend.
However, it is important to note that retail investors are historically more likely to panic during minor market fluctuations, often leading to rapid profit-taking. Therefore, Bitcoin could face increased selling pressure if volatility increases or market sentiment shifts negatively.
At the time of writing, the BTC price was trading at $102,395, down 3.5% in the last 24 hours.
Bitcoin whales push harder
Interestingly, a recent report from PK Press Club revealed that Bitcoin whales have resumed activity in the market. The Bitcoin Exchange-Traded Fund (ETF) spot market accumulated net inflows of $248 million on Wednesday. This suggests that institutional demand remains rather high, despite the disappointing price action of Bitcoin.
Meanwhile, Larry Fink, CEO of BlackRock (NYSE:), 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 potential Bitcoin investment with a sovereign wealth fund.
