Pakinomist – The past month has seen retail investors (BTC) increase their activity in the flagship cryptocurrency. Data from Glassnode, an on-chain market intelligence platform, shows that more Bitcoin addresses now hold smaller amounts of the cryptocurrency.
Analysis of Glassnode data
In an X post, Glassnode shared a chart showing an increase in Bitcoin supply from investors with between 1 and 10 BTC. These investors categorized under the shrimp and crab cohort collected 1.9 times last month’s newly minted Bitcoin supply, equivalent to 25,600 BTC.
These smaller investors increased their BTC purchases to prices around $100,000. The increasing retail activity in the Bitcoin market reflects an influx of new investors. It shows that the recent BTC surge is not caused by existing investors or whales artificially pushing the market up.
In addition, the growing retail demand for Bitcoin may indicate a trend in the accumulation phase. 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 may face increased selling pressure if volatility increases or market sentiment changes negatively.
At the time of writing, BTC’s price is trading at $102,395, down 3.5% in the last 24 hours.
Bitcoin whales push harder
Interestingly, a recent Pakinomist report revealed that Bitcoin whales have resumed their market activity. On Wednesday, the Bitcoin Exchange-Traded Fund (ETF) spot market saw net inflows of $248 million. This suggests that institutional demand remains quite high, despite Bitcoin’s disappointing price movement.
Meanwhile, BlackRock (NYSE: ) CEO Larry Fink recently predicted that Bitcoin could rise toward the $700,000 level. Fink said his prediction depends on Bitcoin’s ability to attract wider institutional adoption. The CEO also revealed a potential Bitcoin investment with a sovereign wealth fund.
