Crypto analysis platform IntoTheBlock posted on Twitter that data showed that when the price of Bitcoin fell below $30,000, about 68.96% of holders were still in a state of floating profit. More than 3.4 million addresses bought BTC at around $30,000.
In addition, the number of newly created addresses on the Bitcoin network has been increasing since May this year, and has recently hit a new high for the year. This shows that Bitcoin is attracting new users. During the Ordinals hype, Bitcoin chain activity peaked, and many coin holders were worried that the price would fall sharply after the craze faded, but the current Bitcoin network transaction volume is still on an upward trend.
IntoTheBlock said that the Bitcoin NVT (network value to transaction) ratio is at an unprecedented level, and this indicator usually indicates that Bitcoin is overvalued. Currently, Bitcoin's volatility is at a historical low, and generally speaking, such low volatility is generally a precursor to large price fluctuations.