Bitcoin Investors Pivot to This New Bitcoin Project, Eyeing a Shot at 100x Profits
As of now, Bitcoin (BTC/USD) is trading at around $64,040, with a 24-hour trading volume of $28 billion. Despite a 1.3% decline in the last 24 hours, Bitcoin remains the top-ranked cryptocurrency on major exchanges, boasting a market capitalization of $1.3 trillion.
Notably, there are 19.73 million BTC coins in circulation, nearing its maximum supply of 21 million BTC coins. However, a critical metric indicating retail investor interest in Bitcoin has plunged to a three-year low, raising concerns among analysts.
Strong retail investor participation is historically crucial for significant Bitcoin price rallies. Surges in retail buying volume have typically coincided with bullish momentum.
However, recent data suggests this key ingredient is currently missing from the market.
Additionally, inflows into spot Bitcoin ETFs in the US, initially thought to be dominated by retail investors, have dropped significantly, further supporting the notion of waning retail interest in Bitcoin.
Bitcoin recently experienced a short-lived surge above $65,000 but is currently struggling to maintain this key support level, seen by some traders as a crucial obstacle for further price advancement.
Despite all these, CryptoQuant analysts suggest the recent Bitcoin price drop might be over, citing signs of seller exhaustion and historically bullish indicators.
CryptoQuant analysts note that while there are signs of a potential price bottom for Bitcoin, the sustainability of a bull run remains uncertain without a significant increase in stablecoin liquidity.
In anticipation of a Bullish run from diverse signals, Bitcoin holders want to diversify their portfolios to maximize their return and capitalize on the market reform.
In this context, Bitcoin
