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Bitcoin’s activity is firmly in bear market territory after recording one of the worst monthly price performances in its history.
The 37.9 percent price fall in June competes only with the 2011 bear market for the crown of the worst month on record, according to blockchain analytics firm Glassnode.
The most recent network utilisation suggests an almost complete purge of “market tourists” and the only ones left standing are long-term holders, according to Glassnode’s weekly newsletter dated July 4.
Bitcoin prices consolidated this week, maintaining a steady trading range around $20,000, which was the all-time-high in 2017.
Even as exchanges on aggregate continue to see a net outflow of coins, there is meaningful and consistent accumulation taking place by both “shrimps” (those holding less than 1 Bitcoin) and “whales” (those holding more than 1,000 Bitcoin).
Cohorts holding 10 to 10k BTC are almost perfectly neutral, with no notable change to their aggregate...
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