IntoTheBlock, a crypto analysis platform, said that data shows that when the price of Bitcoin BTC 2.45% fell below $30,000, about 68.96% of the holders were still in a state of floating profit, and more than 3.4 million addresses bought BTC around $30,000.
According to other data, since May this year, the creation of new addresses on the Bitcoin network has been increasing, and recently hit a new high for the year.
This shows that Bitcoin is attracting new users. During the hype period of Ordinals, the activity on the Bitcoin chain reached its peak. At that time, many currency holders worried that the currency price would fall sharply after the craze faded, but the current Bitcoin network transaction volume is still on the rise.
IntoTheBlock added that Bitcoin’s NVT (Network Value to Transaction) ratio is at unprecedented levels, a metric that typically indicates overvaluation.
Bitcoin volatility is currently at historically low levels, and such low volatility is usually a harbinger of major price changes.
