Only the diamond-handed HODLers are left in Bitcoin markets, according to Glassnode, with the 'market tourists' and “fair-weather” traders having long gone.
of almost 60,500 BTC per month, which Glassnode says is “the most aggressive rate in history,” equivalent to 0.32% of the BTC supply per month.
Explaining the purge of these tourist-type investors, Glassnode revealed that both the number of active addresses and entities have seen a downtrend since November 2021, implying new and existing investors alike are not interacting with the network. Address activity has fallen from over 1 million daily active addresses in November 2021 to around 870,000 per day over the past week. Similarly, active entities, a collation of multiple addresses owned by the same person or institution, are now approximately 244,000 per day, which Glassnode says is around the “lower end of the ‘Low Activity’ channel typical of bear markets.”
“A retention of HODLers is more evident in this metric, as Active Entities is generally trending sideways, indicative of a stable base-load of users,” the analysts added.The growth of new entities has also dived to lows from the 2018 to 2019 bear market, with the user-base of Bitcoin hitting 7,000 daily net new entities.
The transaction count remains “stagnant and sideways,” which indicates a lack of new demand but also means that holders are being retained through the market conditions.
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