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The recent FTX crash has sparked massive capitalization across major cryptocurrencies, with Bitcoin (BTC) dropping as low as $15,682 in the past seven days. However, many investors are participating here.
The decline of the digital flagship did not deter investors. Because: On-chain data shows that all major categories of Bitcoin investors – whales, crabs and shrimp – have been aggressively accumulating BTC throughout the week.
Notice
Shrimp continue to accumulate BTC
Shrimp are retail investors with less than 1 BTC. Since the beginning of the bear market, this group has been actively accumulating more bitcoin as they find the asset increasingly affordable. mim research shows: Shrimp increased their balance over 60,000 BTC in July.
Shrimp is very sensitive to price changes. Now they have started aggressively to accumulate the digital asset. BTC is clearly back in a price range they think is attractive.
The net shrimp supply position has been rising since the beginning of the year, increasing regularly. Data from Glassnode shows that their holdings have surged after the FTX crash, rising to over 1 million.
“Crab” BTC job boom in November
Crabs are small investors with larger capital or cohorts that have accumulated BTC over the years. This cohort tends to be well informed about the asset despite the size of their holdings – typically between 1 BTC and 10 BTC.
As with the shrimp, on-chain data shows that the shrimp gained BTC strongly after the FTX crash.
The supply of BTC held by Crabs reached 2.8 million and their net supply position increased significantly in the second week of November. Its position has remained largely stable since September.
More positive statistics
The next category of investors to buy heavily into Bitcoin after the FTX incident is the so-called Fish to Shark cohort – holders of 10 to 1000 BTC.
According to on-chain data, this group’s BTC supply dropped significantly between May and June as the crypto industry was still suffering from the Terra LUNA crash.
After that, however, they aggressively accumulated the digital flagship and hit a new all-time high for the year at more than 6.9 million BTC.
Their net supply position, which has been relatively stable since August, rose in the second week of November.
BTC: Buy whales too
Bitcoin whales have more than 1,000 BTC. This cohort has been selling BTC heavily throughout the year as many have had to de-risk to maintain as much liquidity as possible given the negative macro conditions.
However, like all other BTC investors, they seem to be bucking their long trend and have started acquiring Bitcoin since late October. However, the whale aggregation does not appear to have been driven by the FTX crisis – unlike other cohorts that saw an increase in procurement activity after the event.
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Text credit: Cryptoslate
Last updated on November 14, 2022
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