"Despite Bitcoin's decline... Investors remain hesitant to buy"

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Summary

Despite the decline in Bitcoin (BTC), analysis indicates that investors remain cautious about buying.
Both new buyers and conviction addresses have reported a slight increase in their Bitcoin holdings, but overall investor participation remains low.
This increase in accumulation is limited in scale compared to the surge in buying last April, suggesting that investors may still be waiting on the sidelines.

Amid a downtrend in Bitcoin (BTC), there is analysis suggesting that investors are still cautious about buying.

On the 19th (local time), on-chain analytics firm Glassnode reported that "Over the past 5 days, the amount of Bitcoin accumulated by First Buyers increased by about 1% from 4.88 million BTC to 4.93 million BTC," adding that "Conviction Buyers have also seen their holdings rise by 10.1% from 933,000 BTC to 1.03 million BTC."

However, Glassnode noted that overall investor participation remains low. The report commented, "This level of accumulation is limited in scale compared to the surge in buying seen last April," and analyzed, "This suggests that the current correction may not be deep enough to attract strategic buyers, or that investors are still waiting on the sidelines."

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