U.Today - The past month has seen retail Bitcoin (BTC) investors increasing their activity in the flagship cryptocurrency. Data from Glassnode, an on-chain market intelligence platform, shows that more Bitcoin addresses now hold smaller quantities of the cryptocurrency.
Analyzing Glassnode data
In an X post, Glassnode shared a chart showing an increased Bitcoin supply from investors holding between 1 and 10 BTC. These investors categorized under the Shrimp and Crab cohort amassed 1.9 times last month’s newly minted Bitcoin supply, amounting to 25,600 BTC.These smaller investors increased their BTC purchases at prices around $100,000. The increasing retail activity on the Bitcoin market reflects an influx of new investors. It demonstrates that the recent BTC surge is not caused by existing investors or whales artificially pushing the market up.
Additionally, the growing retail demand for Bitcoin might signify an accumulation-phase trend. If the ongoing trend continues, it could cement the adoption of BTC, potentially leading to a further price uptrend.
However, it is important to note that retail investors are historically more susceptible to panic during minor market fluctuations, often resulting in quick profit-taking. Therefore, Bitcoin could face increased selling pressure if volatility rises or market sentiment shifts negatively.
As of this writing, BTC's price has been trading at $102,395, down 3.5% in the last 24 hours.
Bitcoin whales push harder
Intriguingly, a recent U.Today report revealed that Bitcoin whales have resumed their market activity. On Wednesday, the spot Bitcoin Exchange-Traded Fund (ETF) market amassed net inflows of $248 million. This suggests that institutional demand remains rather high, notwithstanding Bitcoin's disappointing price movement.Meanwhile, BlackRock (NYSE:BLK) CEO Larry Fink recently forecast that Bitcoin could surge toward the $700,000 level. Fink said his prediction hinges on Bitcoin’s ability to attract broader institutional adoption. The CEO also revealed a potential Bitcoin investment with a sovereign wealth fund.