The recent Bitcoin rally is indeed very good, even if we did not reach or exceed $16,000. But after the much-anticipated Bitcoin halving and the Black Thursday crash in March, it was a much-needed rebound. But if you take a closer look, then one of the interesting gains from this “rally” is, who helped the Bitcoin rally?
Is it a retail retailer? Or high-net-worth individuals, or institutional investors?
One thing to understand here is that Bitcoin is to a large extent a huge retail market, so retail will always be a force to consider . However, although retail transactions have played a role, this rebound seems to be driven by high levels . For example, some individuals with net worth can be confirmed by using on-chain data.
Average Bitcoin transfer
The average transfer volume of Bitcoin accurately measures what it says is the average value transferred on the chain.
Recently, this situation has been increasing sharply, pointing to more and more participants. Because this is not only the total value transferred on the chain, this indicator can let you know the type of investor, that is, high-net-worth individuals.
The chart shows that during the recent market surge, the activity of these users has increased rapidly.
New investor rate
The attached chart highlights the new investors entering the market. Adding this information to it shows that these investors are brand new, which means that new funds are entering the market .
Both of these indicators indicate that the recent rebound is not accidental, as it is supported by transaction volume and supported by real chain data.
And when we consider the reduction in the share of gold ETFs and the increase in the share of gray-scale ETFs, all this seems to be a match.
Interestingly, a recent JPMorgan Chase report also observed the same situation, which suggested that people might leave the gold ETF to Bitcoin.
JPMorgan Chase stated that “this comparison (gold and bitcoin) supports the idea that some investors who previously invested in gold ETFs (such as family offices) may be looking for bitcoin as an alternative to gold. ”
The original text comes from ambcrypto, compiled by Blockchain Knight, the English copyright belongs to the original author, please contact the compiler for Chinese reprint.
