According to data provided by the analytical company Chainalysis, the number of new investors in the bitcoin market is rapidly growing, which can create additional pressure on the BTC rate.
According to Chainalysis, the number of wallets of “young” investors, which were created from one to three months ago and which rarely send BTC, rose to 2,225,467 in September – the highest level since February 2018. Six months ago, the number of such purses was 1 162 632.
The growth curve was much flatter in the first two months of 2020, but after the March drop in markets, it became almost parabolic. Investors took advantage of the 40% drop in the price, and have continued to invest in bitcoin ever since. Chainalysis economist Philip Gradwell said:
“It seems that new people are coming to the market, buying BTC and putting it in wallets for long-term investment. The data suggests that buyer pressure on the exchange rate is increasing, and the number of coins available for purchase is decreasing, since recently purchased BTC is likely to lie idle for a long time.”
The number of wallets of new investors has increased from 791 289 2 000 000 in the second half of 2017 during a BTC rally up to $20 000. Investor interest remained high even after the price plummeted to $6,000 in February 2018. Bitcoin is currently trading at $10,880, showing a 52% increase since the beginning of the year.