Since early 2024, Bitcoin and Ethereum have experienced a decline in active addresses, a crucial metric for gauging market sentiment.
For the bulls to regain control, an influx of new investors is essential.
Current Market Snapshot:
– Bitcoin active addresses: 1.17M (early 2024) → 855K
– Ethereum active addresses: 382K (early 2024) → 312K
Since early 2024, active Bitcoin and Ethereum addresses have been declining
“For the bulls to dominate the market, the influx of new investors is a crucial condition.
1. Bitcoin 1.17M -> 855K
2. Ethereum 382K -> 312K” – By @burak_kesmeciFull post 👇https://t.co/gZftQidnxa pic.twitter.com/q5cdpv7x6t
— CryptoQuant.com (@cryptoquant_com) October 1, 2024
However, a glimmer of hope emerges:
- Bitcoin inflows into exchange user wallets remain steady, contrasting with the last bear market.
#Bitcoin inflows into exchange user wallets are normal, unlike during the last bear market. pic.twitter.com/uD5HZiYHX4
— Ki Young Ju (@ki_young_ju) October 1, 2024
- Bitcoin’s price action suggests a potential trend reversal: higher lows and higher highs.
As of today, it appears #Bitcoin has made a higher low and a higher high, suggesting the trend may have shifted from bearish to bullish! pic.twitter.com/1bs7G8J9JM
— Ali (@ali_charts) October 1, 2024
Recent ETF flows further fuel optimism:
- Bitcoin spot ETF: $61.2966 million net inflow on September 30, marking eight consecutive days of net inflows.
- BlackRock ETF IBIT: $72.1517 million inflow.
Bitcoin spot ETF had a total net inflow of $61.2966 million on September 30, with net inflows continuing for 8 consecutive days. BlackRock ETF IBIT had an inflow of $72.1517 million. https://t.co/59u0BnEqLG
— Wu Blockchain (@WuBlockchain) October 1, 2024
These developments hint at a shifting market narrative:
- New investor interest
- Steady inflows
- Potential trend reversal
To sustain this momentum, fresh investment is vital. Will Bitcoin’s bullish turnaround continue?
Key takeaways:
- Active address decline slows
- Steady ETF inflows
- Potential trend reversal
Stay tuned for further market insights.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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