Bitcoin Hit ATH Right After Retail Gave Up—Classic Contrarian Move?
Main Idea
Bitcoin's price reached a new all-time high (ATH) after a decrease in the total number of holders, with retail investors likely exiting the market, leading to a bullish reversal.
Key Points
1. Bitcoin hit a new all-time high (ATH) after retail investors gave up and exited the market, a classic contrarian move.
2. The 'Total Amount of Holders' metric, which tracks the number of non-zero Bitcoin addresses, recently saw a decrease.
3. The decrease in holders is attributed to retail investors liquidating their wallets, potentially due to fear or impatience (FUD).
4. This exodus of retail investors coincided with Bitcoin's breakout to a new ATH beyond the $113,000 level.
5. Bitcoin is currently in ATH exploration mode, with its price rallying and triggering Fear Of Missing Out (FOMO) among investors.
Description
On-chain data shows the Bitcoin retail investors had been showing an exodus in the leadup to the breakout to a new all-time high (ATH). Bitcoin Total Amount Of Holders Saw A Decrease Recently According to data from the on-chain analytics firm Santiment , there has been a drop in Bitcoin retail investors recently. The metric of interest here is the “ Total Amount of Holders ,” which measures, as its name suggests, the total number of addresses on the BTC network that are carrying some non-zero ba...
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