A prominent crypto analyst suggests that retail investors in the crypto space might be staging a comeback, as evidenced by a rise in new Bitcoin (BTC) addresses despite volatile market conditions.
During a recent strategic session, crypto trader Ali Martinez shared a chart with his 66,000 followers on X, revealing that the number of new addresses on the BTC blockchain has broken a downtrend line.
“Retail Bitcoin investors are reemerging! The count of new BTC addresses has surged to 352,124, marking its highest level since April.”
Martinez further observes that miners of the leading cryptocurrency by market cap are relinquishing their positions, a move typically viewed as a precursor to a Bitcoin bull market.
Highlighting another aspect of his analysis, Martinez notes that a participant on the crypto exchange Bybit is accumulating Bitcoin during its recent price dip, evident from a specific indicator.
“Someone at Bybit is purchasing the Bitcoin dip, reflected in the recent spike in BTC taker buy/sell ratio!”
Martinez’s data indicates that the Taker buy/sell ratio for BTC stands at 12.306, where values exceeding 1 suggest bullish sentiment with market-priced long positions in the derivatives market.
At the time of writing, Bitcoin is trading at $63,331, marking a more than 4% increase over the past 24 hours.
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