Retail investors show interest in Bitcoin, whereas whales seemed disinterested Activity on Bitcoin declines, however, BTC’s market cap dominance grows According to data provided by Glassnode, it was observed that the number of addresses holding more than 0.01 Bitcoin [BTC] had reached an all-time high. This was indicative of massive interest in Bitcoin coming from […]
addresses that were holding anywhere from 0.01 BTC to 1000 BTC, started buying more Bitcoin.
However, during the same period, addresses that holding 1,000 to 10,000 Bitcoins, started reducing. This meant that BTC whales had started to exit their positions and were selling their BTC.It appeared that large addresses were losing faith in BTC. This sentiment was also shared by traders. According to data from Coinglass, the number of short positions taken against Bitcoin had increased over the past few days. At press time, 51% of traders had taken short positions against Bitcoin.
, the exchange reserve had continued to rise, which indicated that the selling pressure on BTC could increase.Another cause for the pessimistic view that traders were keeping could be due to the declining activity on Bitcoin’s network. According to data provided by Santiment,This indicated that the number of times $BTC had been transferred amongst addresses had decreased.Source: Santiment
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