Bitcoin 'tourists' purged, only hodlers left: Glassnode

Addresses, entities, and transactions active on the Bitcoin network are all trending sideways while the number of wallets holding at least some of the assets continues to rise new heights.

So-called “market tourists” are shunning Bitcoin (BTC), leaving only long-term investors holding and transacting in the major cryptocurrency, according to blockchain analytics firm Glassnode.< /p>

In its July 4 report on the week on chain, Glassnode analysts said that June saw Bitcoin experience one of its worst performing months in 11 years, losing 37, 9%. He added that activity on the Bitcoin network is at levels concurrent with the deepest part of the bear market in 2018 and 2019, writing:

“The Bitcoin network is approaching a state where nearly all speculative entities and market tourists have been completely purged from the asset.”

However, despite the near-complete purge of "tourists", Glassnode noted significant accumulation levels, stating that balances for shrimp - those holding less than 1 BTC, and whales - those holding between 1,000 BTC and 5,000 BTC, “increased significantly.”

Shrimp, in particular, view current Bitcoin prices as attractive and are