Investors at current rates not interested in Bitcoin

The rate at which new addresses are created on the Bitcoin blockchain is in a significant decline. Over the past seven days, the rate has fallen by 8.16 percent. “Data from @intotheblock shows that the number of new addresses created on the Bitcoin network is in a downward trend,” said Ali Martinez.

Uncertainty reigns

Everything makes it clear that uncertainty reigns supreme in the Bitcoin world right now. In addition to the fact that the number of new addresses is hardly increasing, institutional investors and so-called whales are also on the sidelines. This is evidenced by the fact that the number of large transactions in the Bitcoin network is currently at its lowest point of the year, Martinez writes in a subsequent message on Twitter.

The number of transactions worth $100,000 or more has fallen to a new annual low of 8,040 transactions. This indicates that the big boys are waiting for a while at the moment. In principle, that does not necessarily mean that they sell. They may also just sit there and wait for more clarity.

Volatility at an all-time low

The low activity on the network is currently accompanied by extremely low volatility. After the collapse of FTX, there were equally major problems for the Bitcoin price, but the misery is now over. At least, the worst declines are apparently over. Bitcoin eventually fell to about $15,500, but has since climbed back up from that level. Although we shouldn’t celebrate too soon, because we thought we were at the bottom before this cycle.

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Capo indicates via the above message that he expects the Bitcoin price to experience some tough moments in the coming period. Earlier, this popular trader said that Bitcoin could drop towards $ 12,000. While many traders expect Bitcoin to fall to $10,000, Capo believes that support between $12,000 and $13,000 is too strong for the bears.

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