Following the FTX collapse, bitcoin addresses that can store up to 10 BTC have been amassing record quantities of bitcoin.
Is The Cryptocurrency Bear Market Or The Fear
According to on-chain data, some non-whale Bitcoin investors appear to have had no problems with the cryptocurrency bear market or the fear, uncertainty, and doubt (FUD) surrounding the demise of FTX.
According to research published by the blockchain intelligence platform Glassnode on November 27, smaller retail investors have grown more enthusiastic about Bitcoin and have begun amassing more BTC.
The data indicates at least two categories of retail bitcoin investors have been stockpiling a record number of BTC since FTX’s demise.
Shrimps, the first class of investors, own less than 1 Bitcoin ($16,500), while crabs, the second class of investors, are those whose addresses contain up to 10 BTC ($165,000).
Following the FTX crisis in early November, “Shrimp” investors are said to have added 96,200 BTC ($1,6 billion) to their portfolios, which is an “all-time high balance rise.” According to Glassnode, this group of investors holds 1.21 million BTC ($20 billion), or 6.3% of the 19.2 million coins in circulation.
Read more : Report: GBTC’s controlling shareholders’ stakes are illiquid.
Over the previous 30 days, “crabs” have purchased around 191,600 BTC ($3.1 billion), which is also a “convincing all-time high,” according to the researchers. The new milestone surpassed crabs’ previous BTC accumulation record in July 2022, when 126,000 BTC ($2 billion) in monthly purchases peaked.
Is The Focus Of A Significant Industry Crisis Involving Allegations
Bitcoin addresses holding up to 10 BTC experience a net position change. from Glassnode
Large Bitcoin investors have been selling as crabs and shrimp have been acquiring record amounts of the cryptocurrency. Glassnode reports that Bitcoin whales have given up roughly 6,500 BTC ($107 million) to exchanges during the previous month, which is still a relatively small amount of their overall holdings of 6.3 million BTC ($104 billion).
Read more: What Will Happen If Bitcoin Crashes?
Given recent market developments, including Sam Bankman-cryptocurrency Fried’s exchange becoming the focus of a significant industry crisis involving allegations of fraud and money laundering, shrimp and crabs’ behavior seems particularly noteworthy.
Is The Crypto Market Industry Facing Any Difficulties?
However, despite the current issue, several significant Bitcoin investors remain bullish on the currency, especially now that El Salvador’s government has begun buying BTC daily as of November 17. Elon Musk, the CEO of Twitter, also voiced his belief that Bitcoin “will make it” despite the difficulties facing the industry now, although he warned that there might be a “long crypto winter.”
Following FTX’s demise, Bitcoin dropped roughly $6,000 in value, falling from about $21,000 to under $16,000 in mid-November. Over the past two weeks, the cryptocurrency has been edging up, but only to a maximum of $17,000.
According to information, Bitcoin is selling at $16,500, an increase of roughly 1.7% over the previous 24 hours.
