GameStop

Bitcoin

Drops

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-demand-drops-among-individual-investors/" data-wpel-link="internal">Bitcoin Demand Drops Among Individual Investors</a><br></p>
<p class="p1" style="text-align: justify">The average Bitcoin demand among individual investors has dropped to the lowest point in five months, reaching levels last seen in January, which resulted in a 75% increase over the following two months. According to <a href="https://newslinker.co/category/ai/" target="_blank" rel="noopener" data-wpel-link="exclude">data</a> shared by CryptoQuant writer Axel Adler on June 10, the average monthly change in Bitcoin demand among individual investors fell to minus 17% over the last 30 days.</p> 
<h2 class="p1" style="text-align: justify" id="what-s-happening-on-the-bitcoin-front">What’s Happening on the Bitcoin Front?</h2> 
<p class="p1" style="text-align: justify">Adler added that a similar previous drop of 18% in January saw Bitcoin rise from $40,000 to $70,000; Bitcoin surged following the approval of spot Bitcoin exchange-traded funds in the US, pushing Bitcoin to mid-March. The all-time high on the Bitcoin front is $73,679, and Adler shared the following statement on the matter:</p> 
<blockquote> 
 <p class="p1" style="text-align: justify">“I also noticed that this group responds quickly to any market changes.”</p> 
</blockquote> 
<p class="p1" style="text-align: justify"><img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-361483" src="https://coin-turk.com/wp-content/uploads/2024/06/axel.webp" alt="" width="500" height="456"></p> 
<p class="p1" style="text-align: justify">Last month, Adler used the same data to show that demand had dropped by 31% to minus 14.50% in the 17 days before May 24. He noted that interest in GameStop (GME) and <a href="https://en.coin-turk.com/ethereum-eth-price-analysis-at-key-levels/" data-wpel-link="internal">Ethereum</a> likely increased due to the first approval of spot Ethereum ETF funds. Analysts had previously suggested that changes in Bitcoin demand were due to various factors, including the US Consumer Price Index (CPI), which tracks inflation.</p> 
<p class="p1" style="text-align: justify">When the CPI drops and <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">interest rates</a> fall, traditional savings and term deposits become less lucrative, making riskier assets like Bitcoin more attractive to investors.</p> 
<h2 class="p1" style="text-align: justify" id="details-on-the-matter">Details on the Matter</h2> 
<p class="p1" style="text-align: justify">Markus Thielen, head researcher at 10x Research, said in May that for Bitcoin to reach all-time highs, the CPI data needed to drop to 3.3% on June 12. On June 11, Bitcoin fell below its all-time high of $69,000 from November 2021, a level closely watched by investors. According to CoinMarketCap, Bitcoin was trading at $67,350, down 3.19% in the last 24 hours at the time of publication.</p> 
<p class="p1" style="text-align: justify"><img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-361482 size-full" src="https://coin-turk.com/wp-content/uploads/2024/06/bitcoin.webp" alt="" width="1554" height="994"></p> 
<p class="p1" style="text-align: justify">The sudden drop wiped out $52.87 million worth of Bitcoin long positions in the futures market the previous day. According to CoinGlass data, Open Interest (OI) remained above the closely watched $35 billion level. Despite investors’ hopes that Bitcoin would quickly rise above $70,000 after falling below it on June 8, Bitcoin has yet to do so.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/bitcoin-demand-drops-among-individual-investors/" data-wpel-link="internal">Bitcoin Demand Drops Among Individual Investors</a></h5>

Bitcoin Demand Drops Among Individual Investors

Table of Contents

COINTURK NEWS

Other articles published on Jun 12, 2024

Why Is Injective Protocol (INJ) Crypto Price Pumping? Watch These Key Levels

Grayscale Bitcoin ETF Records $121M Outflows Amid Falling Asset Price

The World’s First Crypto Space Bank will be established by IKAR Holdings and Unify Platform AG (1...

Elon Musk Withdraws Lawsuit Against OpenAI’s CEO Sam Altman

BlockDAG's X1 Miner App Sparks A $3M Surge In Just 12 Hours, Outpacing DTX & JasmyCoin Forecasts

BlockDAG’s Presale Aims For $50M After $3M Raise In 12 Hours, While BNB Price Climbs And XRP Surges

Join our free newsletter for daily crypto updates!