Forbes: The Bitcoin bull market this time is very different from 2017

Bitcoin has grown by 40% since the beginning of this year, and has broken through the $ 10,000 mark, but the data shows that this bull market is very different from the 2017 bull market. Cryptocurrency analysis company Glassnode data said that deposits on bitcoin exchanges have fallen sharply over the past six months, indicating that the latest round of bitcoin gains has not been driven by retail investors. Glassnode said on Twitter: "During the rise last summer, we saw a peak of more than 60,000 daily deposits, which may be the result of investor profit-taking. Since then (deposits on Bitcoin exchanges) Reduced by nearly 60% to $ 25,000. "When the sharp rise in Bitcoin reached its peak in 2017, the number of Bitcoin transaction deposits exceeded the Bitcoin price, and the daily transaction deposits recorded by Glassnode were approximately 200,000. However, despite the rise in bitcoin prices, this year's deposit volume has continued to decline, causing many bitcoin and cryptocurrency traders and investors to attribute the latest round of bull market to the long-awaited institutional investors buying bitcoin. Willy Woo, a partner at Adaptive Capital, a cryptocurrency hedge fund, said: This breakthrough is a real breakthrough. Fundamental-based investment activities support the value of Bitcoin 10,000 USD.