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Author Topic: Bitcoin ‘Young Investment’ Wallets at Highest Level Since February 2018  (Read 284 times)
kolbalish (OP)
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September 17, 2020, 06:29:40 PM
 #1

New investors are entering the bitcoin market at a faster pace and possibly creating upward pressure on prices, on-chain data shows.

The number of “young investment” wallets (those that are one to three months old and rarely send bitcoins) has jumped to 2,254,667 this month, the highest level since February 2018, according to data provided by the blockchain analysts firm Chainalysis. That's double from 1,162,632 six months ago.
The growth curve was much flatter in the first two months of the year but went near-parabolic following bitcoin's March crash.
"It looks like new people are entering the market, buying bitcoin and putting it in wallets for long-term investment," Chainalysis' economist Philip Gradwell told CoinDesk.
Investors took advantage of the 40% price drop to levels below $4,000 observed on March 12 and have continued to pour money into the top cryptocurrency ever since.
"Overall, the data suggests that buying pressure for bitcoin is increasing, and the supply available to buy is reducing as new purchases likely get locked up for the long term," Gradwell said.
Bitcoin is trading near $10,900 at press time, representing a 52% gain on a year-to-date basis, but still down 83% from the record high of $20,000.
The number of young wallets surged from 791,289 to 2,000,000 in the second half of 2017 as bitcoin rallied by $2,000 to $20,000. The investor interest remained strong even as prices fell back sharply to $6,000 in February 2018.

Full article link is here- https://www.coindesk.com/bitcoin-young-investment-wallets?amp=1

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September 17, 2020, 10:05:34 PM
 #2

For sure these "young investment" wallets owner done superb research on Bitcoin, especially on the price part.
And for sure if it is three months+ ago then they already in profits if they are still not selling, the price before was below $10,000.
Bitcoin is getting more popular then I expect a lot of growth for this and there are still a lot of them coming.

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September 18, 2020, 03:39:52 PM
 #3

Well, I believe the reason why that is happening is the fact that people actually lost a lot of stuff during pandemic and there was a "reset" which made people go back to zero and come back and at that moment people realized that maybe it is safer to put money into the crazy volatile currency that nobody gets in?

I mean seriously it makes super sense that people should be picking bitcoin over all other fiat investments because lets be honest all those fiat investments didn't really helped them as much as bitcoin people got rich, so maybe now it is their time to get into it as well. I personally believe that it was perfect timing for new wave of people coming in but obviously it is upsetting to see this many new people but the price not really going high at all.

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September 19, 2020, 02:04:17 PM
 #4

For sure these "young investment" wallets owner done superb research on Bitcoin, especially on the price part.
And for sure if it is three months+ ago then they already in profits if they are still not selling, the price before was below $10,000.
Bitcoin is getting more popular then I expect a lot of growth for this and there are still a lot of them coming.

I'm not sure if they have done superb research or probably they realised that the bull run in 2017 was really that good and make a lot of their friends more money that's why they entered in 2020 wherein there's a lot of leg room for another bull run next year. But I would say that there is really growth, last month I was talking to a friend who I haven't talk for like 5-10 years and he says that he is also into crypto because he wanted to emulate a office mate who become instant millionaire in 2017. So it's more of like a spread of mouth, instead of a research that really bolsters these 'young investors' coming into the market in the last couple of months.

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September 20, 2020, 07:34:25 AM
 #5

With another surge for bitcoin for the recent months, that clicked the curiosity again of people of what bitcoin is. And upon learning that there's a bullish scene that's happening, that's what made them decide to invest on it.

Also, while people are staying at home. They have done their research proving what bitcoin is and if it's a worth investment to take, and the result it could be that research made by chainanalysis.

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September 20, 2020, 09:44:02 AM
 #6

With another surge for bitcoin for the recent months, that clicked the curiosity again of people of what bitcoin is. And upon learning that there's a bullish scene that's happening, that's what made them decide to invest on it.

Also, while people are staying at home. They have done their research proving what bitcoin is and if it's a worth investment to take, and the result it could be that research made by chainanalysis.
It will also be interesting as to what level is "bitcoin" in Google's search algorithm, I wouldn't be surprised if it also spike and will continue to spike in the next coming months as we are in a sort of mini bull run after the block halving. And with people really just staying at home because of the current pandemic, there could be some who are entering and investing in bitcoin. Regardless though, we all know that an all time high will be forthcoming and I do hope that those young investors can join the fun ride that we will be having.

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September 20, 2020, 12:15:00 PM
 #7

So if February 2018 was the highest level since, then people started coming in at the peak or soon after anyway, thinking it would go on to make more waves (it didn't happen obviously, but that's not the point). Does this suggest new entrants also see Bitcoin as approaching a new rally? Not that it matter what they think, again, but sentiment can be a poweful thing (or not).

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September 20, 2020, 03:34:02 PM
 #8

The worst part about this is that, if they are coming in, where are they right now? Did the older ones get out? Because if we have so much new people, shouldn't that also mean that bitcoin price should have gone up? If new people came in and the price didn't went up, what does that tell us?

I have no idea what it tells us but it doesn't say something nice about the market situation honestly; which is why I honestly believe that new people do not matter as much as people think, even adoption doesn't matter as much as we think, the only thing that matters is how much money comes in the market and that is lacking right now, we need a lot more money coming in. You could have 1 million person with 1 dollar coming in and 1 person with 2 million coming in and that 1 person would be more valuable.
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September 21, 2020, 04:08:06 AM
 #9

With another surge for bitcoin for the recent months, that clicked the curiosity again of people of what bitcoin is. And upon learning that there's a bullish scene that's happening, that's what made them decide to invest on it.

Also, while people are staying at home. They have done their research proving what bitcoin is and if it's a worth investment to take, and the result it could be that research made by chainanalysis.
It will also be interesting as to what level is "bitcoin" in Google's search algorithm, I wouldn't be surprised if it also spike and will continue to spike in the next coming months as we are in a sort of mini bull run after the block halving. And with people really just staying at home because of the current pandemic, there could be some who are entering and investing in bitcoin. Regardless though, we all know that an all time high will be forthcoming and I do hope that those young investors can join the fun ride that we will be having.
Yes, that surge in google index for searches like bitcoin or anything that has a bitcoin keyword helped this research to have that high result in numbers.

We're expecting them to come again if the actual bull run comes and it's making the speculators crazy and even those observers that are still in the middle of their thinking whether to buy or not.

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September 21, 2020, 05:50:19 AM
 #10

So if February 2018 was the highest level since, then people started coming in at the peak or soon after anyway, thinking it would go on to make more waves (it didn't happen obviously, but that's not the point). Does this suggest new entrants also see Bitcoin as approaching a new rally? Not that it matter what they think, again, but sentiment can be a poweful thing (or not).

If everyone thought BTC was about to go to the moon, I'd be more worried. Sentiment seems rather mixed right now. In fact, the Fear and Greed index is right in the middle of the road at 48 (Neutral).

The important thing, regardless of what they think, is they appear to be increasingly buying and holding for long term investment according to Chainalysis. That suggests accumulation and it's definitely bullish.

The worst part about this is that, if they are coming in, where are they right now? Did the older ones get out? Because if we have so much new people, shouldn't that also mean that bitcoin price should have gone up? If new people came in and the price didn't went up, what does that tell us?

This is probably a lagging indicator. How accumulation works is bulls buy up all the supply in the range until there is none left, then the price gets marked up. We haven't gotten to the second part yet, and it could take a while.

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September 21, 2020, 06:22:49 AM
 #11

If everyone thought BTC was about to go to the moon, I'd be more worried. Sentiment seems rather mixed right now. In fact, the Fear and Greed index is right in the middle of the road at 48 (Neutral).

I'm always keen to have as many people as possible think BTC would die, since this generally means a purging of all the weak hands -- those who don't speak never will anyway and those I'm not worried about. Fact, I think the real rally's been impeded by the refusal of all these vocal positive people all over the place!

Like you said though, long term silent accumulation is always bullish and that's the undercurrent.

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September 21, 2020, 10:37:30 AM
 #12

With another surge for bitcoin for the recent months, that clicked the curiosity again of people of what bitcoin is. And upon learning that there's a bullish scene that's happening, that's what made them decide to invest on it.

Also, while people are staying at home. They have done their research proving what bitcoin is and if it's a worth investment to take, and the result it could be that research made by chainanalysis.
It will also be interesting as to what level is "bitcoin" in Google's search algorithm, I wouldn't be surprised if it also spike and will continue to spike in the next coming months as we are in a sort of mini bull run after the block halving. And with people really just staying at home because of the current pandemic, there could be some who are entering and investing in bitcoin. Regardless though, we all know that an all time high will be forthcoming and I do hope that those young investors can join the fun ride that we will be having.

We're expecting them to come again if the actual bull run comes and it's making the speculators crazy and even those observers that are still in the middle of their thinking whether to buy or not.

Maybe the one who leaves are those victims of ponzi scheme since for sure they will leave bitcoin once they didn't find any profitable platform for them to join with, but if they are trade d provably they are just there hodling or waiting for possible best entry to buy and earn even if the market is in bad shape right now.

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September 21, 2020, 11:49:30 AM
 #13

So if February 2018 was the highest level since, then people started coming in at the peak or soon after anyway, thinking it would go on to make more waves (it didn't happen obviously, but that's not the point). Does this suggest new entrants also see Bitcoin as approaching a new rally? Not that it matter what they think, again, but sentiment can be a poweful thing (or not).

But in February 2018, bitcoin was already in a massive spiral after touch almost $20k prior, so it's a wrong timing back time. We could have expect December 2017 could be the peak, but not sure about the data though.

And probably this is the right timing, maybe many have learned from the last bull run we have that's why they want to enter as early as they can, around this time. Sentiments is powerful in my opinion, and that's why it is being used as an indicator, because someone has come up with a fear and greed index now.

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September 22, 2020, 07:57:12 AM
 #14

We're expecting them to come again if the actual bull run comes and it's making the speculators crazy and even those observers that are still in the middle of their thinking whether to buy or not.

Maybe the one who leaves are those victims of ponzi scheme since for sure they will leave bitcoin once they didn't find any profitable platform for them to join with, but if they are trade d provably they are just there hodling or waiting for possible best entry to buy and earn even if the market is in bad shape right now.
Yes, likely they are. The disappointed investors who became a victim of those scams and too gullible for those type of investments. They are the ones that don't do research as they invest and just invested to the words of mouths from the people that they've heard who earned with the market.

Just like today, the market isn't shaping well and if they'll start to notice it. They might see how profitable it is after this storm.

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September 22, 2020, 09:46:19 AM
 #15

We're expecting them to come again if the actual bull run comes and it's making the speculators crazy and even those observers that are still in the middle of their thinking whether to buy or not.

Maybe the one who leaves are those victims of ponzi scheme since for sure they will leave bitcoin once they didn't find any profitable platform for them to join with, but if they are trade d provably they are just there hodling or waiting for possible best entry to buy and earn even if the market is in bad shape right now.
Yes, likely they are. The disappointed investors who became a victim of those scams and too gullible for those type of investments. They are the ones that don't do research as they invest and just invested to the words of mouths from the people that they've heard who earned with the market.

Just like today, the market isn't shaping well and if they'll start to notice it. They might see how profitable it is after this storm.

That's sad reality but actually some other has been hyped from the profit they see to the other who's claiming earning a good profits by investing at those scams and we cannot blame those victim since there's no knowledgeable person guides them on what is the right way for their investment. But what good thing there is they already take their first step and if they continue this and make those past scam as a lesson for theirselves on not to believe on the same scams then for sure they will earn a real profit. Provably those victims are just monitoring and learning about this for now and will join again when bitcoin will crazily pump again.

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September 22, 2020, 01:22:17 PM
 #16

Did we checked where these people came from? I mean nobody really knows where they came from and we are out here thinking it is a good think that they came anyway. Surely we do look like it is a good thing because more people usually means more money as long as they came with even just one dollar in their pockets that means 1 more dollar so it is a good thing. But, are we really sure about that?

Maybe this defi deal did brought a lot of new people and they lost a lot of money because of drops or made so much money that they got rich and in the end they are taking money out of crypto world or they are taking bad news out of crypto world?

I do not know where they came from and I am not comfortable with that many new people being involved this quickly, they should get in slowly if you ask me and not in a rush.

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September 22, 2020, 07:22:03 PM
 #17

They will eventually come back but when they come back they are not going to come back like the first time. When one person comes into a market and loses money even if they come back they are now more careful and they are not making those big moves anymore, which causes bitcoin prices to change slowly instead of very quickly.

A ton of people came in and made bitcoin go up but now it is lower once again and those people who left and sold and lost money because of this fall will come back eventually but this time around they will not make it go up because they know what happened last time they did that and that will cause them to get in with smaller amounts. This is why bitcoin has rare huge runs time to time and a lot of quick movements most of the time.

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September 23, 2020, 07:19:36 AM
 #18

Did we checked where these people came from? I mean nobody really knows where they came from and we are out here thinking it is a good think that they came anyway. Surely we do look like it is a good thing because more people usually means more money as long as they came with even just one dollar in their pockets that means 1 more dollar so it is a good thing. But, are we really sure about that?

The data come from Chainalysis. They have the capacity to check wallets but I wouldn't say that the data could be reliable though, it could be skew to fit Chainalysis' narrative.

Maybe this defi deal did brought a lot of new people and they lost a lot of money because of drops or made so much money that they got rich and in the end they are taking money out of crypto world or they are taking bad news out of crypto world?

Definitely, the Defi deal really brought a lot of fresh blood to pump the market again and it could indicate that those Defi money could simply end up to those new bitcoin addresses.

I do not know where they came from and I am not comfortable with that many new people being involved this quickly, they should get in slowly if you ask me and not in a rush.

Nothing to worry though, perhaps those new bitcoin addresses are created for long term as they might have heard that an eventually bull run will happen in 2021 onwards.

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September 24, 2020, 08:41:04 AM
 #19

Yes, likely they are. The disappointed investors who became a victim of those scams and too gullible for those type of investments. They are the ones that don't do research as they invest and just invested to the words of mouths from the people that they've heard who earned with the market.

Just like today, the market isn't shaping well and if they'll start to notice it. They might see how profitable it is after this storm.

That's sad reality but actually some other has been hyped from the profit they see to the other who's claiming earning a good profits by investing at those scams and we cannot blame those victim since there's no knowledgeable person guides them on what is the right way for their investment. But what good thing there is they already take their first step and if they continue this and make those past scam as a lesson for theirselves on not to believe on the same scams then for sure they will earn a real profit. Provably those victims are just monitoring and learning about this for now and will join again when bitcoin will crazily pump again.
It is their responsibility to do research first or ask through any medium that's related to bitcoin investments, actually there's a lot of them if they'll just search it properly. There will be people who are willing to help them unless that guide has intention of shilling the project they're investing with or guide people through wrong so called 'bitcoin investments'.

Being a victim once is already enough to learn and, I guess many have decided to pursue holding and buying bitcoin after understanding it and making a plan how long they should hold it as an investment.

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September 24, 2020, 09:37:09 AM
Merited by dunfida (1)
 #20

Yes, likely they are. The disappointed investors who became a victim of those scams and too gullible for those type of investments. They are the ones that don't do research as they invest and just invested to the words of mouths from the people that they've heard who earned with the market.

Just like today, the market isn't shaping well and if they'll start to notice it. They might see how profitable it is after this storm.

That's sad reality but actually some other has been hyped from the profit they see to the other who's claiming earning a good profits by investing at those scams and we cannot blame those victim since there's no knowledgeable person guides them on what is the right way for their investment. But what good thing there is they already take their first step and if they continue this and make those past scam as a lesson for theirselves on not to believe on the same scams then for sure they will earn a real profit. Provably those victims are just monitoring and learning about this for now and will join again when bitcoin will crazily pump again.
It is their responsibility to do research first or ask through any medium that's related to bitcoin investments, actually there's a lot of them if they'll just search it properly. There will be people who are willing to help them unless that guide has intention of shilling the project they're investing with or guide people through wrong so called 'bitcoin investments'.

Being a victim once is already enough to learn and, I guess many have decided to pursue holding and buying bitcoin after understanding it and making a plan how long they should hold it as an investment.

But unfortunately others doesn't bother to do a research and only listen to the people who invite them on that scam sites but what good thing there is other learned their lesson and do some good counteractions regarding on the incident happen to them, I see a lot of people now are talking about trading on binance and also in uniswap which I think a healthy way for them aswell for other to have a fresh start.

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