No More 'Bitcoin Tourists' In Crypto Market, Says On-Chain Analysis Firm

Zinger Key Points
  • On-chain data shows a “near-complete expulsion of market tourists,” with only long-term holders remaining resilient
  • 'Market tourists' are short-term players looking to benefit from positive price action in an upward market

Bitcoin BTC/USD saw one of its worst-performing months on record in June, along with a mass exodus of retail traders.

What Happened: In a recent report examining the state of the Bitcoin network, on-chain analytics firm Glassnode noted the  “near-complete expulsion of market tourists” with only long-term holders remaining resilient.

“Prices traded down 37.9% over the last 30-days, competing only with the 2011 bear market, for the crown of the worst month on record,” stated the analysts. The last time Bitcoin recorded such a massive monthly drawdown was 11 years ago when its price was under $10.

“With network activity now at levels coincident with the deepest bear phase in 2018 and 2019, it appears that a near-complete purge of market tourism has taken place."


Glassnode refers to “market tourists” in this context as short-term players looking to benefit from positive price action in an upward market. The firm noted that address activity declined 13% from 1 million active addresses a day to under 870,000 over the last month.

See Also: 'Elon Musk Is A Tourist In Crypto,' Says Celsius CEO Alex Mashinsky Who Predicts $160K BTC By Year-End

Despite a historically bad year-to-date performance, analysts found “strong HODLer undertones persist.” In this context, Glassnode describes a “HODLer” to be a BTC holder with a long-term investment horizon that is yet to sell assets.

Included in this list of entities that have retained their Bitcoin exposure is Tesla Inc TSLA. Tesla’s $1.5 billion Bitcoin investment is now worth around $820 million, but the company has not made any significant BTC sales since April 2021.

Amid the selloff, some players like MicroStrategy Incorporated MSTR and the government of El Salvador purchased an additional $10 million and $1.5 million worth of Bitcoin respectively.

Price Action: As per data from Benzinga Pro, the crypto market rose 5.60% over the last 24 hours. Bitcoin BTC/USD was trading at $20.347 at press time, up 6.45% over the last day.

Photo via smolaw on Shutterstock

Posted In: BitcoinGlassnodeCryptocurrencyNewsSmall CapMarkets

Ad Disclosure: The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guaranty the accuracy or availability of any rates shown above. Institutions may have different rates on their own websites than those posted on The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.

All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.

Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers' terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.

Rate collection and criteria: Click here for more information on rate collection and criteria.