Bitcoin is on the rise again, and people are wondering if retail investors are getting excited. There has been a modest increase in new Bitcoin addresses and Google searches for “Bitcoin” are rising but not as high as past bull cycles. However, there is a shift from long-term holders to newer holders, and “whale” addresses holding at least 100 BTC have been increasing.
This suggests that Bitcoin’s latest rally is spot-driven, with fewer leveraged positions, and that long-term holders are confident in further upside potential.
