So-called market tourists are fleeing Bitcoin, leaving only long-term investors holding and trading Bitcoin.
June was one of Bitcoin’s worst months in 11 years, with a 37.9 percent drop, Glassnode analysts said in the Chain Weekly report on July 4. It added that activity on the Bitcoin network was in sync with the worst of the bear market in 2018 and 2019, and wrote that the Bitcoin network is approaching a state where almost all speculative entities and market visitors have been completely wiped out out the asset.
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