Considering about Bitcoin [BTC] will be a good “August visitor”
Bitcoin [BTC] recorded the most profit in July, accounting for 17% for investors. The crypto king recorded a six-week high in the same month when it reached $24,500. The last time BTC performed this exceptionally was in October 2021.
Beyond these records, BTC reached another incredible milestone. According to Glassnode, the number of addresses with a surplus reached a new thirty-day high. The on-chain data platform recorded the latest landmark at 25,925,854.30.
📈 #Bitcoin $BTC The number of addresses in profit (7d MA) just hit a one-month high of 25,925,854,530
See calculation: pic.twitter.com/sKIcJyMVIc
— glassnode alerts (@glassnodealerts) 2 August 2022
So the price increase in July came not only as profit, but as more profit for more investors. Interestingly, it didn’t end there as investors seem to have regained confidence in the Bitcoin momentum.
Buckle up again
As August began, BTC investors seemed to be looking forward to another month full of gains despite BTC retreating to $23,000 at press time.
In accordance CryptoQuant, deposit addresses for exchanges increased massively across all exchanges as July ended. As of 30 July, there were 19,126. On the last day of the month, it had gone up to 58,670 before riding as high as 67,966 on August 2.
Source: CryptoQuant
However, the pump seemed to have taken a dip, registering just a 0.98% gain in the last 24 hours. That has not, however, deterred the deep pocket investor numbers from falling.
This is because Glassnode recorded one huge increase in addresses by 100 BTC and 10,000 BTC.
Source: Glassnode
At press time, the addresses had 100 BTC rose to 15,844. The same happened to those with 10,000 BTC when it went up to 102 – another record in over two months.
Source: Glassnode
Hold your horses
While these records may have helped to regain investor BTC faith, it may be too early to conclude. According to a Glassnode report released on August 1st, the BTC bear market may not be over.
The report pointed to the little demand across Bitcoin’s network activity as a reason to be cautious about the supposed bullishness. momentum.
It also noted that the current oversold conditions of the coin could pose risks in the quest for a rally. The report said,
“Under the surface, however, on-chain transactional demand remains tenuous at best, and this recovery has yet to see a convincing follow-up to observable demand activity. The net result is that Bitcoin blocks are partially empty.”
