Categories: Finance

Glassnode: Small investors are increasingly buying up bitcoins

Glassnode: Small investors are increasingly buying up bitcoins

Glassnode analysts claim that, unlike large whale investors, investors with a balance of less than 1 bitcoin (the so-called “shrimp”) added 96,200 BTC to their total holdings after the FTX crash.

This group of small investors now own more than 1.21 million BTC, equivalent to 6.3% of the world’s circulating supply of bitcoin, Glassnode experts say. Another category of small bitcoin holders who took the opportunity to buy the first cryptocurrency at the bottom are the so-called “crabs” with assets from 1 to 10 BTC.

This category of investors has added a total of 191,600 BTC to their total balance in the last 30 days. For both shrimp and crabs, November purchases marked record high balance gains, with the latter surpassing the July 2022 peak of 126,000 BTC.

On the other hand, whales — investors with a balance of more than 1,000 BTC — partly got rid of their bitcoin assets in November, sending about 6,500 BTC to crypto exchanges in a month. According to analysts, this may signal a readiness for sale. But the amount is still minuscule compared to the whales’ total holdings of 6.3 million BTC. Experts note that a significant number of investors kept and keep bitcoins in cold wallets, as trust in centralized exchanges has been greatly shaken.

Last week, analyst Benjamin Cowen warned about the coming fall of bitcoin. After which growth will follow.

Source: Bits