Retail Bitcoin (BTC) Buying Up Despite Institutional Dump, Report Suggests | BTCMANAGER
Bitcoin, Blockchain & Cryptocurrency News
The number of wallet addresses with small Bitcoin (BTC) holdings has increased significantly since the crash of March 12, 2020 — ‘Black Thursday,’ when the price of BTC fell to $3,800.
Retail Traders Bought the Dip During the Last Bitcoin Crash
According to Coin Metric’s “State of the Network” report published on Tuesday (April 6, 2020), the mid-March Bitcoin price crash triggered retail investors to “buy the dip.” Data from the report shows a noticeable increase in the number of BTC wallet addresses holding small Bitcoin amounts — a usual indicator of retail buying.
Over the last 90 days, the number of addresses holding between 0.021 BTC and 0.21 BTC has increased by about 6 percent. During the same period, the number of wallets holding between 0.21 BTC and 2.1 BTC has gone up by about 4 percent.
According to the report, the bulk of this surge began around March 12 when the price of Bitcoin dropped by about 50 percent, bottoming out at $3,800. The date coincided with a massive selloff in the broader financial market with safe havens like gold not being spared as panicked investors sought to liquidate assets for cash.
While these small Bitcoin holdings could indicate new retail buying,