IntoTheBlock: Retail participation was low as Bitcoin rose above $60,000

ChainCatcher news, according to CoinDesk, analysts at IntoTheBlock pointed out that on-chain data and network search trends indicate that retail investor participation has been low during Bitcoin's rise above $60,000. Notably, the Coinbase app saw its downloads rise to the top spot in the Apple US App Store in late October 2021, coinciding with the peak of the crypto market.

The analysts added that Bitcoin's on-chain transaction volume has been increasing, but remains far below the levels seen during the market peak in 2021. They also stated, "Despite the incredible price movements of Bitcoin, current data suggests that retail investors are remaining calm. This indicates that institutional investors may dominate this phase. ETFs are seen as potential accumulation tools."