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Bitcoin’s Recent Drop is Internally Influenced: Crypto Analyst

According to Nick, a presenter on the Cheeky Crypto YouTube channel, the recent downward pressure experienced by bitcoin (BTC) is not influenced by external news factors. In a recently uploaded video, Nick noted that apart from the U.S. inflation data, there is scarcely anything of note in the news that could have been responsible for BTC dropping below $27,000 in the last 24 hours.

Although there isn’t much in the news concerning bitcoin, Nick observed that there were 48.7 million total addresses on the bitcoin network, with only 903,210 active 24 hours before his presentation. From the data overview, Nick noticed that 610,686 addresses received bitcoins, while 560,331 sent them.

From the data overview, Nick deduced that there is an overlap between bitcoin senders and receivers, leaving a few pockets of those just sending or receiving the flagship cryptocurrency.

During the analysis, Nick noted that there were 265,623 BTC transactions within the 24 hour-period before his presentation. The accumulated fees for these transactions were $467,160, equivalent to approximately 17 BTC. The blocks added to the BTC chain were 160, with a block height of 811,773.

Of the 48.7 million total bitcoin addresses in existence, Nick observed that more than half of them are empty. He noticed that only 23.5 million addresses currently contain BTC tokens. He noted that most addresses belong to retail investors with small BTC holdings.

In his analysis, the ‘Cheeky Crypto’ presenter made known his expectation of a return of institutional investors to the bitcoin market. According to Nick, a substantial amount of the BTC tokens currently reside in the wallets of retailers. Hence, when institutional investors return, they will have to buy BTC from retail investors. He believes that could trigger a significant selloff in the bitcoin market.

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