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Short-Term Bitcoin Traders Increase Holdings by Nearly 5% as Retail Interest Returns: Details

Thu, 03/03/2022 - 13:13
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Tomiwabold Olajide
Retail interest might be returning to the Bitcoin market
Short-Term Bitcoin Traders Increase Holdings by Nearly 5% as Retail Interest Returns: Details
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IntoTheBlock analytics firm reports that retail interest might be returning to the Bitcoin market. According to the on-chain analytics firm, the number of Bitcoin trader addresses holding less than 30 days, or short-term holders, is fast expanding in tandem with Bitcoin's price rise. It also mentions that this group, which accounts for around 7% of all Bitcoin holders, has raised its balance by nearly 5%.

The number of Bitcoin daily active users also increases in tandem with the growth in short-term holders. Daily active addresses (DAAs) are frequently used as a price leading indicator. The number of DAAs rebounded above 1 million, according to IntoTheBlock, as BTC rose to $45K.

Per Santiment data, whales have begun to make much more massive transactions than ever before. Whales have made more than 13,400 transactions worth greater than $1 million in the last three days, according to the data given. This surge in volume could be linked to the first cryptocurrency's price behavior.

BTC price action

The overall cryptocurrency market bounced back earlier in the week as investors continued to buy the dips. Bitcoin moved higher to reach $45,426 on March 2 before retreating to around $43K. At the time of publication, Bitcoin was trading at $43,532, down 1.75% in the last 24 hours.

The Crypto Fear and Greed Index examines current sentiments and crunches the numbers to provide a visual scale ranging from 0 to 100. The Crypto Fear and Greed Index has dropped yet again, from neutral just yesterday to "fear" now, as the price has dropped below $43,000.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.