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Some non-whale Bitcoin (
$65,029.00 ) (BTC) investors seem to have had zero issues with the cryptocurrency bear market as well as fear, uncertainty and doubt (FUD) around the fall of FTX, on-chain data suggests.
Smaller retail investors have turned increasingly bullish on Bitcoin ( $65,029.00 ) and started accumulating more BTC despite the ongoing market crisis, according to a report released by the blockchain intelligence platform Glassnode on Nov. 27.
According to the data, there are at least two types of retail Bitcoin ( $65,029.00 ) investors that have been accumulating the record amount of BTC following the collapse of FTX.
The first type of investors — classified as shrimps — defines entities or investors that hold less than 1 Bitcoin ( $65,029.00 ) ($16,500), while the second type — crabs — are a category of addresses holding up to 10 BTC ($165,000).
“Shrimp” investors have reportedly added 96,200 BTC ($1,6 billion) to their portfolios following the FTX crash in early November, which is an “all-time high balance increase.” This type of investors collectively hold 1.21 million BTC ($20 billion), which is equivalent to 6.3% of the current circulating supply of 19.2 million coins, according to Glassnode.
In the meantime, “crabs” have bought about 191,600 BTC ($3.1 billion) over the past 30 days, which is also a “convincing all-time-high,” the analysts said. According to the data, the new milestone has broken a previous high of BTC accumulation recorded by crabs in July 2022 at a peak of 126,000 BTC ($2 billion) bought per month.
Bitcoin ( $65,029.00 ) net position change for addresses holding up to 10 BTC. Source: Glassnode
While crabs and shrimps have been accumulating the record amounts of Bitcoin ( $65,029.00 ) , large Bitcoin ( $65,029.00 ) investors have been selling. According to Glassnode, Bitcoin ( $65,029.00 ) whales have released about 6,500 BTC ($107 million) to exchanges over the past month, which remains a very small portion out of their total holdings of 6.3 million BTC ($104 billion).
The behavior of shrimps and crabs seems to be interesting given the latest industry events, with Sam Bankman-Fried’s crypto exchange becoming a subject of a massive industry scandal involving alleged fraud and funds misappropriation.
On the other hand, some big Bitcoin ( $65,029.00 ) investors have claimed to keep being bullish on Bitcoin ( $65,029.00 ) despite the ongoing crisis, with the government of El Salvador starting purchasing BTC on a daily basis starting from Nov.17. Twitter CEO Elon Musk also expressed confidence that Bitcoin ( $65,029.00 ) “will make it” despite the current industry issues, but there might be a “long crypto winter,” he said.
Related: Exchange outflows hit historic highs as Bitcoin ( $65,029.00 ) investors self-custody
In the aftermath of the fall of FTX, Bitcoin ( $65,029.00 ) immediately lost about $6,000 of its value, plummeting from around $21,000 below $16,000 in mid-November. The cryptocurrency has been slightly recovering over the past few weeks, edging up to no higher than $17,000.
At the time of writing, BTC is trading at $16,500, or up around 1.7% over the past 24 hours, according to data from CoinGecko.
