Bitcoins are rapidly moving from investors to speculators – Research
The developer of blockchain analysis tools Chainalysis presented the results of his new study, in which he divided the participants in the bitcoin market into groups and tried to explain the latest decline in the price of cryptocurrency..
As analysts found out, in the period from December 2017 to April 2018, long-term cryptocurrency holders transferred $ 30 billion in bitcoins to speculators, and half of this amount fell in December.
“This incident was an unprecedented sale that is unlikely to happen again soon,” they write..
The volume of bitcoins in the hands of investors today is equivalent to the volume held by speculators and using various services to carry out transactions, while in November 2017, two thirds of bitcoins belonged to investors..
Most bitcoins are indeed at the disposal of a small number of players, analysts write, but the situation began to change with the change in the ratio of speculators and investors. 5 million bitcoins, or a third of the available emission, belong to 1,000 long-term investors and 600 new large speculators.
Analysts claim that around 50% of bitcoins are held for investment purposes. At the same time, for the Bitcoin Cash fork, this figure is much higher – 90%.
As of April 2018, 4 million of the maximum Bitcoin issue of 21 million were not mined, at least 2.3 million were lost, 7.4 million belong to long-term investors, of which another 1.5 million may be lost, 2 , 2 million are used for transactions, including by exchanges, and 5.1 million are used for speculation.
Chainalysis argues that this shift in market focus could be one of the main factors behind the price drop we have seen since the beginning of the year. New speculators are likely to have a negative impact on the bitcoin price. The volume of bitcoins available for trading has increased by 57% since December 2017. In order for the price to recover, either speculators must begin to “play” their bitcoins, or demand must increase, provided by the influx of a new wave of speculators or the emergence of new scenarios for the use of cryptocurrency.
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