The price of Bitcoin has continued to soar this week, with the premier cryptocurrency consolidating its place above the $50,000 mark. Interestingly, on-chain data shows that a particular class of investors had less to do about the recent rally, sparking conversations about their participation in the current bull cycle. Recent BTC Price Primarily Fueled By ‘Institutional Demand’ In a recent post on X, analyst Ali Martinez pointed out that there has been an apparent decline in the involvement of retail investors in the Bitcoin market. This shift comes despite the recent surge in the flagship cryptocurrency’s price. This revelation is based on the noticeable fall in the daily creation of new Bitcoin addresses. According to the crypto intelligence platform Glassnode, this metric tracks the number of unique addresses that appeared for the first time in a transaction of the native coin in the network. Chart showing the number of new addresses on the Bitcoin network | Source: Ali_charts/X Related Reading: AVAX Rides The Crypto Avalanche To Success: Market Cap Skyrockets By 344% Typically, more individuals are in ..
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