The mid-May crash and the subsequent correction phase that followed, completely changed the dynamics of the global crypto market.

The market value fell by more than 177 billion dollars on May 19 alone, to continue its decline later and currently reaches the level of 1.63 trillion dollars, after Bitcoin and Ethereum recorded the largest decline in their prices in one day since March of last year.

On the other hand, the dominance of Bitcoin in the market witnessed a sharp decline, after it recorded a percentage close to 70% earlier in January of this year, this percentage declined to 41% in the first week of June.

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So it’s no surprise, as shown in the chart below, that the number of active Bitcoin addresses has remained fairly constant since August last year.

However, January saw a slight rise in this number and the same number rose above 1300K.

Similarly, mid-April also saw the number of titles surpassed on the same criterion.

Commenting on the active headline movement, Mr. Brian Kelly, CEO of BKMC LLC, spoke on an interview An interview with CNBC, stating:

One important and key metric I look at is how fast titles are growing versus what the market expects titles to grow.

I expect we will see a drop of about 20% in the growth of active Bitcoin addresses.

In March 2020, Bitcoin was trading at $3,500, but a year later, the coin reached an all-time high by breaking through the $60,000 level.

Brian Kelly explained about the current bitcoin price, saying:

We’re looking at the exact same type of situation here (Bitcoin’s March 2020 situation).

We haven’t seen that kind of difference since March 2020, and generally when Bitcoin is mispriced, it’s a sign of a bottom.

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Kelly confirmed:

The market is currently mispriced the underlying fundamentals of Bitcoin.

Bitcoin is driven by a very strong impulse.

Now, we need to follow some pricing here and get some momentum, but for me the story hasn’t changed much.

Kelly also expressed his very high conviction that Bitcoin will never fall below $30,000.

However, he also tempered his expectation by saying:

Bitcoin has a funny way of moving that makes you look silly!

He added:

We’re getting institutional adoption.

We get it as a hedge against inflation, and from a regulatory standpoint, we get loosened regulation.

It certainly won’t be banned.

We are talking about introducing it to the world market.

These are all positive things for me.

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Interestingly, during the November-December phase of last year, long-term holders had established a selling trend while other short-term holders had started to enter.

During the same phase extending through April, short-term holders captured a large portion of the offer.

Then, the trend changed and long-term holders began to accumulate holdings while short-term holders began to sell

Kelly commented on this by saying:

Here is the right opportunity for owners of long breath.

He added:

We are long term owners and are ready for more length.

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