Bitcoin surpassed $64,000 as it broke record after record in the last two days. While ETFs were cited as a common assessment of what factors initiated and sustained this rally, the final assessment came from the analysis company IntoTheBlock.
At this point, IntoTheBlock, who made an evaluation from the X account, stated that the rally in BTC was driven by institutional investors.
Stating that retail investors remained silent despite the tremendous rise in Bitcoin, the analysis company said that on-chain and Google trend data showed that retail investors were indifferent.
“Despite Bitcoin's incredible price movement, current data shows that the retail front is quiet.
While there is an increase in new addresses, this is likely related to active market participants engaging with Ordinals.
New addresses have declined since then and remained relatively stable. The same goes for active addresses.
“Google trends and app store data show that there is not yet a strong interest in retail sales.”
IntoTheBlock also noted that on-chain volume has been slowly increasing, saying that these volumes coincide with the volumes seen in the early stages of the 2021 bull market.
However, it was noted that volume is still nowhere near a wildly bullish phase.
While the analysis company stated that the data showed that the latest upward phase in Bitcoin may be driven by institutional investors, it said that altcoin investors also expect retail interest to be reignited for the altcoin rally.
Despite Bitcoin's incredible price movement, current data indicates a quiet retail front💤
➖While there was a boost in new addresses, this was likely related to active market participants engaging with Ordinals. New addresses have dropped since and remain relatively stable. The… pic.twitter.com/uS1Gxd3Rg2
— IntoTheBlock (@intotheblock) February 28, 2024
*This is not investment advice.
