According to CryptoQuant, Bitcoin’s on-chain activity has rebounded to levels seen before the March 2024 price peak. Researchers noted a ~13% increase in retail investor demand for Bitcoin over the past 30 days, mirroring trends observed earlier this year.

“We see significant growth in activity from small market participants, resembling the scenario during the previous ATH in 2024,” the report stated.

Retail Investors Lead the Surge

From June to September, the trend was dominated by large-scale investors. However, the current market shows a shift, with retail investors becoming more active after Bitcoin broke through key psychological price barriers.

CryptoQuant analyzes retail activity using key metrics, such as the total Bitcoin held in wallets with balances under 1 BTC. This figure rose from 1.734 million to 1.752 million BTC since mid-March.

Another crucial indicator is the volume of transactions under $10,000, reflecting growing retail interest in Bitcoin.

“This trend is similar to 2017, when retail investors began purchasing after the previous ATH was surpassed,” analysts added.

Institutional Activity and ETF Inflows

Institutional interest in Bitcoin also remains strong, as reflected in capital inflows into BTC ETFs, which now exceed $21 billion. However, Bitfinex analysts cautioned that ETF inflows do not guarantee price resistance breakthroughs.

“While investor interest is high, previous attempts to break the $70,000 level have been unsuccessful. Volatility remains high, signaling potential price swings,” the specialists stated.

Broader Market Context

Previously, QCP Capital highlighted a strong probability of Bitcoin and Ethereum reaching $70,000 and $2,800, respectively.

Notably, BlackRock CEO Larry Fink recently expressed confidence that Bitcoin will continue to grow regardless of the outcome of the US presidential election.