Given the main conclusion of Chainalysis analysts about minimizing the influence of speculators and investors, it can be assumed that the price of BTC is influenced by fundamental factors: the actions of regulators or technological innovations.
Chainalysis also concluded that the first stage of accepting Bitcoin is complete. Users received enough information about cryptocurrency, and the client base is steadily growing, despite the fall in prices.
The researchers suggested that the market had become less susceptible to the hype and was neutral about the news flow, which, according to the report, can no longer push BTC prices up and down