Bitcoin buyers drawn by rising prices, not dislike for banks: BIS report
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The BIS’s assumptions seemingly correlate with data from blockchain analysis firm Glassnode, who on Nov. 14 confirmed that just over half of Bitcoin addresses are in profit, reaching a two-year low.
#Bitcoin $BTC Percent Addresses in Profit (7d MA) just reached a 2-year low of 51.881%
View metric:https://t.co/ik5IkrdoPk pic.twitter.com/boVDTqG8YL
— glassnode alerts (@glassnodealerts) November 14, 2022
The BIS added its analysis of blockchain data found as Bitcoin prices rose, smaller users purchased, and “the largest holders (the so-called ‘whales’ or ‘humpbacks’) were selling – making a return at the smaller users’ expense.”
Related: Turbulence for blockchain industry despite strong Bitcoin fundamentals: Report
It also documented the geography of crypto app adoption and found between Aug. 2015 to Jun. 2022 that Turkey, Singapore, the United States, and the United Kingdom had the highest total downloads per 100,000 people respectively.
India and China had the lowest, the latter seeing only 1,000 crypto app downloads per 100,000 people with the BIS opining that greater legal restrictions on crypto hamper retail adoption in those countries.
