Data provided by Glassnode via Twitter thread shows that after the demise of the FTX exchange, 96,200 (96.2k ) coins have been added to Bitcoin “shrimps,” a cohort of holders that hold less than 1 BTC.
This balance increase marks “an all-time high.” According to the statement, this cohort now has more than 1.21 million Bitcoin or 6.3% of the total supply.
While Bitcoin Crabs (up to 10 $BTC holders) has also seen an aggressive growth rate of 191,600 (191.6k) Bitcoin over the last 30 days. It is a very convincing new high for them, and it eclipses their previous peak, which was 126k $BTC per month back in July 2022.
On the other hand, Whales, the primary cohort with 1000 BTC, are selling off their Bitcoin holdings. The analytics firm said:
Whales have released approximately -6.5k $BTC to exchanges on net over the last month. Whilst this is distribution, it remains very small relative to their total holdings of 6.3M $BTC.
In light of this, the analytics firm asserts that it can be seen that the average investor is still bullish and is only awaiting the rebuttal. Of course, before they even consider entering Bullrun, most of them will have to deal with another significant decline. The firm further said, “next 2 months are going to be very much fun.”
Bitcoin Price Analysis
BTC is currently trading at $16,221.37, according to statistics from Coinmarketcap, with a loss of roughly 2.00% over the last 24 hours and a gain of 1.05% over the previous seven days. The amount of trade within a day increased by more than 28.76%.
Price movements for BTC have been unpredictable in recent days. Investors are unsure of what’s going to happen next and are uncertain about when it’ll start rising again.
Despite the recent rally seen in cryptocurrency markets over the past week, BTC’s price fluctuates between $15,500 and $16,500. Along with this new rally come many other uncertainties, such as how long it will last. This uncertainty has had negative impacts on the prices of some altcoins that are struggling to stay afloat due to this volatility.
Furthermore, Santiment claimed in a tweet on November 26th that Bitcoin holders were moving their currency from exchanges to cold storage, and only 6.95% of Bitcoin was accessible through exchanges.
Additionally, the amount of Bitcoins that are now listed on exchanges has reached its lowest point in four years. The current trend of removing BTC from exchanges started in 2020 but has lately picked up speed because of the FTX debacle.
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