A widely followed crypto analyst says crypto retail investors may return as the number of new Bitcoin (BTC) addresses rises despite choppy market conditions.
In a new strategy session, crypto trader Ali Martinez shares a graph with his 66,000 followers on the social media platform X showing that the number of new addresses on the BTC blockchain has broken a downward trend line.
“Retail Bitcoin Investors Are Making a Comeback! The number of new BTC addresses on the network rose to 352,124, the highest level since April.”
Martinez continues remark that miners of the top crypto assets by market capitalization are capitulating their positions, which is widely seen as a precursor to a Bitcoin bull market.
The trader concludes his analysis by noting that an entity on the crypto exchange Bybit swallowed the crypto king during its last price drop, as shown by one indicator.
“Someone at Bybit is buying the Bitcoin dip, evidenced by the recent spike in the buy/sell ratio of BTC takers!”
Martinez’s chart indicates the Taker buy/sell ratio – or the ratio between long and short volumes on the derivatives market – for BTC stands at 12,306. Values above 1 suggest that BTC bulls are placing long positions at market price.
Bitcoin is trading at $63,331 at the time of writing, up more than 4% in the past 24 hours.
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Generated image: Midjourney