Ki Young Ju, founder of CryptoQuant, posted on the , but recently it was found that the value has dropped below minus 15%, reaching the lowest point in three years.
#Bitcoin retail investor demand is at a 3-year low. It's measured by the 30-day change in total transfer volume for transactions under $10K.h/t @AxelAdlerJr pic.twitter.com/GnosvQUa7G
— Ki Young Ju (@ki_young_ju) July 18, 2024
On the other hand, CryptoQuant contributor Minkyu Woo explained that a true bull market usually starts with a large amount of buying driven by retail investors, but we have not yet seen the market reflect such a situation.
The real bull run typically begins with massive buying volume driven by retail investors.And we have not yet seen this volume from retail investors.#BTC#Bitcoin pic.twitter.com/ujaJYSzYTM
— Woominkyu (@Woo_Minkyu) July 17, 2024
At the same time, Google's search data also shows that "Bitcoin" search interest tracked in the past 12 months has dropped by 44% since the Bitcoin halving, with a score of 43. Since Bitcoin reached an all-time high of 73,679 on March 13 The U.S. dollar has fallen nearly 57% since then.
However, given that the Bitcoin spot ETF is already listed in the United States and the data provided by CryptoQuant’s founders does not capture retail demand from the product, some analysts believe that CryptoQuant’s measurement method may not reflect current market conditions.
Source
