• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Markets Cryptos

Fresh data suggests that Bitcoin could hit $25,000 in July

Ajibola Akamo by Ajibola Akamo
July 6, 2022
in Cryptos
ETFs, Crypto Market

Image credit: Nairametrics file

Share on FacebookShare on TwitterShare on Linkedin

Data from a recent Glassnode report, titled, “The Expulsion of Bitcoin Tourists,” suggests that investors, who are short-term holders, which Glassnode describes as “market tourists,” are finally done selling off their Bitcoin holdings, leaving only long-term investors holding and transacting the flagship cryptocurrency. This indicates that the market selloff has significantly slowed and Bitcoin is prime for a bullish movement, possibly to $25,000 according to experts.

As previously reported by Nairametrics and also by Glassnode analysts, June saw Bitcoin have one of its worst-performing months in 11 years, with a loss of 37.9%. Glassnode further stated that activity on the Bitcoin network is at levels concurrent with the deepest part of the bear market in 2018 and 2019. The report stated, “The Bitcoin network is approaching a state where almost all speculative entities and market tourists have been completely purged from the asset.”

With this new information and the current push in the price of Bitcoin above $20,000 at the start of July, many analysts believe that the flagship cryptocurrency asset could hit $25,000 for the month, which would mean the market would reclaim its trillion-dollar status as fresh demand mounts into the market, as investors aim to take advantage of the current low prices compared to the start of the year.

RelatedStories

Bitcoin

Bitcoin soars past $121K, smashing records with no end in sight

July 14, 2025
Crypto is now legit — Will Nigeria’s financial institutions adapt or burn? | Drinks & Mics ft Buchi Okoro

Crypto is now legit — Will Nigeria’s financial institutions adapt or burn? | Drinks & Mics ft Buchi Okoro

July 12, 2025

What you should know

  • Glassnode’s report noted a significant accumulation of Bitcoin seen in the market, stating that the balances of investors who are termed ‘shrimps’, which describes those holding less than 1 BTC, and whales, which describes those with 1,000 to 5,000 BTC, were “increasing meaningfully.”
  • Shrimps, in particular, see the current Bitcoin prices as attractive and are accumulating it at a rate of almost 60,500 BTC per month, which Glassnode says is “the most aggressive rate in history,” equivalent to 0.32% of the BTC supply per month.
  • Explaining the purge of these tourist-type investors, Glassnode revealed that both the number of active addresses and entities have seen a downtrend since November 2021, implying new and existing investors alike are not interacting with the network.
  • Address activity has fallen from over 1 million daily active addresses in November 2021 to around 870,000 per day over the past week. Similarly, active entities, a collation of multiple addresses owned by the same person or institution, are now approximately 244,000 per day, which Glassnode says is around the “lower end of the “Low Activity” channel typical of bear markets.”
  • Glassnode’s report further stated, “A retention of HODLers is more evident in this metric, as Active Entities is generally trending sideways, indicative of a stable base-load of users.”
  • The growth of new entities has also dived to lows from the 2018 to 2019 bear market, with the user-base of Bitcoin hitting 7,000 daily net new entities.
  • The transaction count remains “stagnant and sideways,” which indicates a lack of new demand but also means that holders are being retained through the market conditions.
  • Driving home its point, Glassnode concluded that the number of addresses with a non-zero balance, those that hold at least some Bitcoin, continues to hit all-time-highs and is currently sitting at over 42.3 million addresses.
  • Past bear markets saw a purge of wallets when the price of Bitcoin collapsed. Still, with this metric indicating otherwise, Glassnode says it shows an “increasing level of resolve amongst the average Bitcoin participant.”

Despite this bullish data, there is still cause for concern as macro-economic headwinds still exist. At the ECB forum held last week, a question was asked of central bankers on how the global economy was going to deal with a possible onslaught of interest rate hikes, which is the potential possibility of a recession. Central bankers responded and indicated that more rate hikes are possible in the future. Fed Chair Jerome Powell had this to say:

“We are raising interest rates, and the aim of that is to slow growth down so that supply will have a chance to catch up. We hope that growth could still remain positive. But if you look at the strength of the economy, households are in very strong financial shape, they’ve still got a lot of excess savings – from forced saving of not being able to travel and things like that – and fiscal transfers. The same thing is true with business, with very low rates of default and lots of cash on the balance sheet. The labor market is also tremendously strong, still averaging very high job growth per month. Overall, the U.S. economy is in the position to withstand tighter monetary policy, we think.”


Follow us for Breaking News and Market Intelligence.
Tags: BitcoinFeatured
Ajibola Akamo

Ajibola Akamo

Ajibola Akamo is an Investment Analyst, Financial Analyst, Economist and Accountant. You may contact him via his email ajibolaakamo@yahoo.com

Related Posts

Bitcoin
Cryptos

Bitcoin soars past $121K, smashing records with no end in sight

July 14, 2025
Crypto is now legit — Will Nigeria’s financial institutions adapt or burn? | Drinks & Mics ft Buchi Okoro
Digital Media

Crypto is now legit — Will Nigeria’s financial institutions adapt or burn? | Drinks & Mics ft Buchi Okoro

July 12, 2025
Bitcoin
Cryptos

Bitcoin blasts past $118K, short sellers lose $1.25 billion   

July 11, 2025
Bitcoin
Cryptos

Bitcoin surges to record $112K amid institutional demand 

July 10, 2025
Bitcoin
Cryptos

Bitcoin shows buyers’ exhaustion, struggles under $108K

June 27, 2025
Bitcoin
Cryptos

Hawkish Fed, Israel–Iran conflict cage Bitcoin

June 19, 2025
Next Post
Buhari approves construction of new Hydropower Generating plant for Imo state

Bandits attack President Buhari’s security convoy, burn down 2 health centres in Katsina

Comments 3

  1. Emmanuel Musa says:
    July 7, 2022 at 9:21 pm

    Very nice business

    Reply
  2. Emmanuel Musa says:
    July 7, 2022 at 9:23 pm

    Nice business

    Reply
  3. Daniel James says:
    July 8, 2022 at 11:20 pm

    Yes I am Daniel I like a business with you all my life so that’s why I am very interested about this business please just ask me out

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Emple
nlng
first bank








DUNS

Recent News

  • SEPLAT tops trading value as All-Share Index hits N80 trillion; ACCESSCORP leads volume 
  • President Trump issues 50-day ultimatum to Putin, threatens 100% tariffs over Ukraine war 
  • FG to establish National Design and Development Agency to support Nigerian innovators 

Follow us on social media:

Recent News

Weekly Stock Update: Nigerian Exchange Group record growth w-o-w, up by 0.48%

SEPLAT tops trading value as All-Share Index hits N80 trillion; ACCESSCORP leads volume 

July 14, 2025
President Trump issues 50-day ultimatum to Putin, threatens 100% tariffs over Ukraine war 

President Trump issues 50-day ultimatum to Putin, threatens 100% tariffs over Ukraine war 

July 14, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics