The divergence between transaction count and transfer volume in May indicated that retail investors were dominant.The crypto space was wrecked by one of the biggest implosions ever in May 2022 – the collapse of
token, marking the beginning of the bloody bear market. Prices of top digital assets went downhill and were yet to recover from the shock.Typically, situations like this put to the test the resiliency of individual investors who are the first to leave the market out of concern for further losses. Surprisingly, this hasn’t been the case.i.e. addresses holding less than 10 BTC, have increased their relative share of the circulating supply from 13.7% following the LUNA collapse, to 17.
A big criticism of Bitcoin since its inception has been its lack of utility which has deterred individual investors from actively participating in the network. This cohort, however, has jumped on board with greater enthusiasm in 2023 after theprotocol made mass-minting of both fungible tokens like BRC-20 and non-fungible tokens possible.
As evident from the graph below, Bitcoin network witnessed an unprecedented spike in daily transactions last month, to such an extent that top exchanges had to suspend withdrawals owing to high transaction fees. Now, while the transaction count was up, the transfer volume i.e., the total number of coins transferred was disproportionately low. This meant that the frenzy was driven by low-value transactions executed typically by retail holders of the coin.
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