Existing investors, not the newcomers, are responsible for Bitcoin & Ethereum ‘s recent bull run.
Isn't it obvious though, old and traditional holders will always buy bitcoin because they've seen that you can get a lot of profits from it.
The price of Bitcoin and Ethereum increased in part due to the fear of the everlasting corona virus, as suggested by the increased transaction among existing investors. New addresses & active addresses in Bitcoin and Ethereum both declined. This is in contrary to the early stages of the virus, where active and new addresses all increased.
Doesn't make sense though, the price of bitcoin have been increasing because we are still the bullish phase. Everyone wanted to get on board before we hit $100k. It has nothing to do with corona virus, investors and huge companies and institutions are looking for ways to hedge their wealth and bitcoin is the best option for now.