The record decline in the price of bitcoin in June practically took the remnants of the “market tourists” out of the game, leaving only hodlers “at the front”. These are the conclusions made by Glassnode analysts.

In the context of monthly dynamics, the situation was worse only in 2011.

Glassnode: only hodlers remain on guard of the cryptocurrency market

On-chain activity remains in bearish territory. The number of daily active addresses decreased from over 1 million in November to the current ~870,000. This indicates a slight influx of new users and a struggle to retain existing ones.

The same indicator applied to individual bidders shows a similar trend. The metric (smoothed seven-day moving average) is at the bottom of a channel of limited activity typical of bear markets (highlighted in red).

Glassnode: only hodlers remain on guard of the cryptocurrency market

Bitcoin outflows from centralized exchanges have emptied reserves to levels last seen in July 2018. In June, monthly rates reached 150,000 BTC (5-6% of the total), which contrasts with half the influx earlier, which was due to the collapse of Terra.

Glassnode: only hodlers remain on guard of the cryptocurrency market

The decrease in exchange reserves complements the “illiquid supply” indicator. In June, it rose to a record 223,000 BTC since July 2017. A month earlier, the collapse of the Terra ecosystem caused a nervous reaction among the hodlers, which has now subsided.

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