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


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.

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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.

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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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