Bitcoin prices have witnessed a one -week decisive action, and bubbles between $ 105,000 and $ 110,000. Premier Cryptocurrency took over $ 110,000 for a while on Thursday, July 3, but did not increase the psychologically related threshold at that time.
Despite the price elasticity of Bitcoin, certain types of investors, known as retail investors, have continued in the last few weeks. According to the latest on -chain data, the absence of the investor cohort leads to a rare phenomenon in Bitcoin network.
What does it mean to empty Memsa?
In the July 4th post of the X platform, Alphractal CEO and founder, Joao Wedson, said that Bitcoin networks are currently doing low activities. The trend of this minimum blockchain activity led to a rare phenomenon in which the member was almost empty.
In the case of contexts, mempool refers to a temporary storage area waiting for the BTC transaction to be confirmed. Mempool is usually stagnant during the period of increasing chain demand and network activities while waiting for processing in multiple transactions.
Source: @joao_wedson on X
However, according to Alphractal’s recent chain data, most transactions have been confirmed and the mempool is almost empty. The relevant chain metrics are Bitcoin member transactions, looking at the number of BTC transactions in Mempool in a given time.
According to Joao Wedson, the incident is a clear sign that retail investors have been out of the market for the last few months. Back logs that are rarely present reflect the decrease in demand for Bitcoin networks. Therefore, the future growth of Memorial Pool transactions can mean retail demand to the market.
Effect on bitcoin prices
In general, low trading activities and almost empty members are not a good signal for the price of BTC because the demand for retail investors is low. However, there is no denial of changes in the market since the start of the SPOT BTC Exchange Trade Fund (ETF).
As reported earlier, Bitcoin Price has been steadily maintained despite its low retail demand thanks to the low retail demand thanks to institutional players and ETF investors. For example, the BTC Exchange Transaction Fund was set for four consecutive weeks to inflow positive capital.
At the time of this article, the price of BTC is about $ 107,700, reflecting almost 2% decrease in the last 24 hours. According to Coingecko’s data, flagship cryptocurrency has increased almost 5% over the last two weeks.
The price of BTC on the daily timeframe | Source: BTCUSDT chart on TradingView
Istock’s main image, TradingView chart
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