A popular cryptocurrency analyst believes that despite market volatility, retail investors are returning to the Bitcoin (BTC) market, as evidenced by the growth of new addresses.
Cryptocurrency expert Ali Martinez recently shared a chart showing a significant increase in new addresses for BTC, breaking the previous downward trend.
“Bitcoin retail investors are back! The number of new BTC addresses on the network has risen to 352,124, reaching the highest level in XNUMX months,” emphasized Martinez.
He also noted that Bitcoin miners are selling positions, a common trend before the start of a Bitcoin bull market.
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At the same time, Martinez also observed a surge in the buy/sell ratio of Bitcoin.
“Someone at @Bybit_Official is buying #Bitcoin. The recent surge in the buy/sell ratio of $BTC is evident from the recent surge!” pic.twitter.com/2YtCnhiaLY — Ali (@ali_charts) June 29, 2024
According to Martinez’s chart, the buy/sell ratio for BTC is 12.306. A value greater than 1 indicates that BTC bulls are establishing long positions at market price.
