New Bitcoin Investors are Entering the Scene Despite the Ranging Market

Bitcoin (BTC) is currently witnessing the emergence of new market participants despite the consolidation, as evidenced in the Realized HODL Ratio.

Bitcoin (BTC) continues to experience modest declines, fluctuating between the $26,000 and $30,000 territories. However, recent data from the Bitcoin Realized HODL Ratio suggests that new investors are entering the market.

According to insights from market Analysis provider Glassnode, wealth is shifting towards young coins as newer market participants embrace the strategy of hodling Bitcoin.

According to Glassnode, this transfer of tokens from experienced market participants to newer investors is seen during the onset of a transition in the market cycle. This could indicate a looming reversal, as more investors look to hodl their tokens.

Hodling has become a preferred strategy in the BTC market, evident from the aging aggregate coin supply. Glassnode highlights the growing number of Bitcoin supply that has remained inactive for over a year. This suggests that more investors are holding onto their tokens.

Is Bitcoin Gearing for an Uptick?

Meanwhile, at the time of reporting, Bitcoin has experienced a 2.41% decrease in the past 24 hours, dropping to $27,138, per data from CoinMarketCap. The asset has continued to hedge against further declines below the $27,000 territory.

Notably, despite the recent 24-hour drop, Bitcoin finds strong support a little above the $27,000 zone, as more than 1.4 million addresses have accumulated at least 700,000 BTC within the $27,167 to $27,976 range, as disclosed by data analytics firm IntoTheBlock.

A prominent analyst from Glassnode recently acknowledged the increasing “exhaustion” among sellers, indicating the potential for a significant bullish movement in the Bitcoin market, as reported by The Crypto Basic.

Meanwhile, Bitcoin whales remain bullish. This is evident from the rising number of addresses associated with such large holdings. Santiment, a prominent market intelligence platform, disclosed that whales holding between 10 and 10,000 BTC have amassed 93,000 tokens since mid-April despite a cautionary trend observed among them.

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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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