An influential crypto analyst suggests that retail investors in the crypto space may be making a comeback as the number of new Bitcoin (BTC) addresses continues to rise despite volatile market conditions.
During a recent analysis session, crypto trader Ali Martinez showcased a chart to his 66,000 followers on the social media platform X, revealing that the number of new addresses on the BTC blockchain has broken a downtrend line.
“The resurgence of retail Bitcoin investors is evident! The network saw a surge in new BTC addresses, reaching 352,124, the highest level since April.”
Martinez also pointed out that miners of the top crypto asset by market cap are relinquishing their positions, typically a sign of an impending Bitcoin bull market.
To conclude his analysis, Martinez highlighted that an entity on the crypto exchange Bybit is taking advantage of the recent price dip in Bitcoin, as indicated by a specific metric.
“An entity at Bybit is capitalizing on the Bitcoin dip, as shown by the recent spike in BTC taker buy/sell ratio!”
According to Martinez’s chart, the Taker buy/sell ratio for BTC in the derivatives market stands at 12.306. A value over 1 suggests that BTC bulls are entering long positions at market price.
At the time of writing, Bitcoin is trading at $63,331, reflecting a more than 4% increase in the last 24 hours.
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