- Cheeky Crypto host Nick says external news doesn’t drive Bitcoin’s bearish trend.
- Nick found that over half of Bitcoin addresses have no tokens.
- Nick anticipates a sell-off when institutional investors re-enter the Bitcoin market.
Nick, a Cheeky Crypto YouTube channel host, recently stated that external news events do not drive the current bearish trend in Bitcoin
Despite the lack of significant media coverage on Bitcoin, Nick noted that the network comprised 48.7 million total addresses, of which only 903,210 were active in the 24 hours preceding his presentation. Upon reviewing the data, he identified that 610,686 addresses had received bitcoins while 560,331 had dispatched them.
Upon reviewing the data, Nick concluded there is a convergence between those sending and receiving Bitcoin, with a small segment exclusively sending or receiving this leading cryptocurrency.
In the course of his examination, Nick observed that there were 265,623 Bitcoin transactions in the 24 hours preceding his talk. The total fees associated with these transactions amounted to $467,160, roughly equivalent to 17 Bitcoins. During this period, 160 blocks were appended to the Bitcoin blockchain, bringing the block height to 811,773.
Nick has analyzed the total number of Bitcoin addresses, which is 48.7 million. He found that over half of these addresses have no BTC tokens. Only 23.5 million addresses are currently holding BTC. He further pointed out that retail investors with small amounts of BTC owned most of these addresses.
In his commentary, the host of ‘Cheeky Crypto’ expressed his anticipation for the re-entry of institutional investors into the bitcoin market. Nick stated that retail investors presently hold a considerable portion of BTC tokens. Consequently, when institutional investors re-enter the market, they will need to purchase BTC from these retail investors. He suggests this could instigate a notable sell-off in the bitcoin market.
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