Glassnode: Just Crypto Hodlers Are at the Front of the Market
According to Glassnode experts, the record decline in the price of Bitcoin in June has practically taken the remnants of the “market tourists” out of the game, leaving only hodlers “at the front.”
In the context of monthly dynamics, the situation was worse only in 2011.
On-chain activity remains in bearish territory. The number of daily active addresses decreased from over 1 million in November to the current 870,000, which indicates a slight influx of new users and a struggle to retain existing ones.
The same indicator applied to individual bidders shows a similar trend. The metric (smoothed seven-day moving average) is at the bottom of a channel of limited activity typical of bear markets (highlighted in red).
Bitcoin outflows from centralized exchanges have emptied reserves to levels last seen in July 2018. In June, monthly rates reached 150,000 BTC, which contrasts with half the influx earlier due to the collapse of the Terra ecosystem
