Retail Bitcoin Demand Remains Low Despite BTC Price Reaching $105,000
Retail investors are not exhibiting euphoric behavior in the crypto market, despite Bitcoin's price reaching $105,000. Analysis from CryptoQuant indicates a 2.45% decline in retail demand, measured by on-chain movements under $10,000, suggesting smaller investors remain cautious.
Key Insights
- Retail investor euphoria is absent, impacting market dynamics.
- Potential shift to ETFs and Bitcoin Treasury Companies noted among smaller investors.
- Bitcoin ETFs recorded a net outflow of $1.21 billion from May 29 to June 2.
- Blockchain Group acquired $68 million in Bitcoin, raising its holdings to 1,471 BTC.
- Strategy purchased 705 BTC for $75 million, increasing total holdings to 580,955 BTC.
The current price of Bitcoin is $105,523.91. The lack of euphoria could hinder upward market impulses unless significant buying pressure emerges. External factors influencing sentiment are critical.