Trump Effect? New BTC Investors Rise By 3% When Prices Rose From $57,000 to $69,000

Bitcoin: A Whale's Court? Beyond the endorsement of Trump and new users flowing in, on-chain data shows that the average monthly transfer volumes remain elevated.

Bitcoin price remained largely unchanged on Monday, showing little movement after two days of declines. But looking at the daily chart, there were pockets of weakness in the formation. However, this could change if the bulls push on, rejecting lower lows and reclaiming the levels of $70,000 and even $72,000.

Trump Effect? New BTC Investors Rose By 3% When Prices Surged From $57,000 to $69,000

As the community followed the price performance, there were other interesting developments that supported the conviction that the coin could be preparing for higher highs. One analyst, citing on-chain data, noted that when prices spiked from $57,000 to $69,000, the rally attracted new investors to the market.

During this period, the number of new investors increased by 3%, which was a significant increment considering that the post-FTX crash saw the number of new users increase by only 4%. It was interesting to see new investors entering the market at this pace, which indicated their optimism about the future direction of the coin.

The uptick in Bitcoin prices from $57,000 to the recent swing high of $69,000 also coincided with some key events in the United States. On July 14, Donald Trump, who is aiming to beat Joe Biden in November, was targeted in a failed assassination attempt, which increased the chances of him returning to the presidency.

Last weekend, Trump gave a keynote speech at the Bitcoin Conference in Nashville, where he expressed his support for the world’s leading cryptocurrency. The former president promised the community that he would fire the current chair of the United States Securities and Exchange Commission (SEC), Gary Gensler, and appoint someone who would lead a crypto future where the country takes the lead.

Trump also mentioned that his administration would consider adding BTC to the strategic reserve. In this regard, Senator Cynthia Lummis had prepared a draft bill that would direct the Treasury to buy 200,000 BTC per year for five years. The fact that the former president had now shifted his stance and was backing crypto could explain the entry of more users looking to gain exposure.

Bitcoin: A Whale’s Court?

Apart from the endorsement by Trump and the influx of new users, on-chain data showed that the average monthly transfer volumes remained high. The analyst noted that as of July 31, the average monthly transfer volume had been ranging between 700,000 and 1 million BTC over the last 18 months.

While this suggested that whales were present and driving events, the average transfer volume was lower. It had been crashing since mid-2022, peaking at 6 million BTC during the Luna Crash and stabilizing throughout the last 18 months.

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