The past months have been long and bumpy for Bitcoin, which took yet another plunge below the psychological level of $20k. But that isn’t stopping the retail investors from buying the dip.
Investors, both big and small, have lost significant money on their Bitcoin bets. But latest data from IntoTheBlock suggest that retail is stacking again.
The crypto-analytic platform revealed that the balance held by traders has increased to the highest levels since January of this year.
This cohort of entities ramped up their holdings by 28.81% in 30 days, climbing to 2.13 million BTC on June 24th.
Checkmate, a lead on-chain analyst at data firm Glassnode, also revealed a similar trend.
It was observed that not only the smallest retail investors with 10 BTC or less in their wallets but the whales were also stacking. The latter group is moving coins from exchanges to private wallets suggesting an imminent price bottoming.
JP Morgan strategists had recently speculated that the deleveraging in the crypto market might soon end, and a bottom may be near.
Bitcoin miners, on the other hand, have resorted to selling their tokens amidst high energy costs as the market tanked over the past few months.
Among the high-profile hoarders is the cloud software company MicroStrategy which announced another Bitcoin purchase worth $10 million despite the falling market.