This month, one of the industry’s titans saw one of the most spectacular crashes, which raised questions about the outlook of investors and the market as a whole.
On-chain data, however, reveals that retail investors have kept accumulating bitcoin with a greater desire.
According to Glassnode and other analytical tools, Bitcoin shrimps are objects capable of carrying up to one complete BTC. Historically, demand for these wallets peaked during bull cycles when the asset’s price was rising quickly.
#Bitcoin Shrimps (< 1$BTC) have added 96.2k $BTC to their holdings since FTX collapsed, an all-time high balance increase.
This cohort now now hold over 1.21M $BTC, equivalent to 6.3% of the circulating supply.
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— glassnode (@glassnode) November 28, 2022
In bad markets, they frequently behave differently, choosing to either stay out of the market or just sell their holdings. BTC has certainly been in a bear cycle state for the past few months, despite the fact that there is still no clear community consensus on whether the asset has bottomed out yet.
However, these entities started building again earlier this month, right about the time the FTX collapsed. In reality, they made a “all-time high balance rise” of 96.2K BTC in the last several weeks. In a recent report, the business claimed to own approximately 1.21 million Bitcoin.
