CryptoQuant analysts reported that retail investor activity in Bitcoin increased significantly in October.
October saw a significant uptick, dubbed “Uptober” by crypto investors. Leading crypto Bitcoin (BTC) satisfied the bulls by reaching the $69,000 level. BTC’s strong structure contributed to the potential rise of altcoins. Millions of dollars have flown into many blockchains amid positive market conditions.
As the last week of October approached, it was notable that BTC made a small correction. While market participants were evaluating the results of the reduction in question, a noteworthy data came from CryptoQuant.
CryptoQuant analysts stated that individual investors’ interest in Bitcoin is reaching a level in March 2024. On the date in question, the price of BTC reached an all-time high of $73,000.
Bitcoin gains strength as interest rises.
CryptoQuant pointed out that interest from individual investors grew in parallel with institutional demand. During the period when spot bitcoin ETFs saw record inflows, individual investors were also seen saving. According to the analysis, this development was interpreted as bull preparation.
A measure of changes in individual investor demand showed that individual investor activity, which had been sluggish between June and late September, picked up in October. Commenting on the metric in question, CryptoQuant said:
“Individual investor demand has increased by about 13 percent over the past month, reflecting a similar scenario to March, when we were near the last historical peak.”
Julio Moreno, Head of CryptoQuant Research, explained the data regarding individual investors as follows:
“This contrasts with the first quarter of 2024, where most of the big investors are in the game.”
The crypto market saw growth in the first quarter of the year driven solely by BTC. Rising interest from retail investors has fueled expectations for an altcoin bull.
Moreno used the following statements:
“Individual investors began to accumulate aggressively in 2017 when the price of BTC reached an all-time high. While BTC rose above $20,000, it was observed that individual investors accumulated All these developments brought BTC to a rally “the latest data shows a similar scenario.”
This article does not contain investment advice or recommendations. Every investment and trading venture involves risk, and readers should do their own research when making decisions.
