Bitcoin’s ascent continues, with prices scaling the $18,000 mark during Asian trading hours. In a sign of persistent dip demand, sudden pullback to $17,200 seen following the breakout to fresh 34-month highs was quickly reversed.
Has betting on bitcoin become a crowded trade?
That was the assessment of some 4% of global fund managers in a monthly survey published Tuesday by Bank of America, when asked to name the “most crowded trade.” The response “long bitcoin” ranked behind “long U.S. tech” (65%), “short U.S. banks” (11%), “long corporate bonds” (9%) and “long gold” (5%):
1.2M Bitcoin Addresses
The number of active bitcoin addresses recently climbed to about 1.2 million, but that’s still a touch below levels witnessed during bitcoin’s bull run of 2017, when prices surged to an all-time high near $20,000.
According to the Norwegian cryptocurrency analysis firm Arcane Research, “the number of active addresses has grown more organically in 2020, without a surging and dramatic spike as witnessed in late 2017.”
“The increase in active addresses indicate that bitcoin is seeing increased usage and adoption,” Arcane wrote Tuesday in a report. “This is a bullish and healthy sign and underlines the strength of the current bull run.”