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BTC Whales Make Waves with Aggressive Bitcoin Purchases, Report Unveils

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BTC Whales Make Waves with Aggressive Bitcoin Purchases, Report Unveils

BTC Whales Make Waves with Aggressive Bitcoin Purchases, Report Unveils

  • Small bitcoin wallet holders show strong accumulation trend: Glassnode report.
  • “Long-term bitcoin holders continue to accumulate as market sees positive momentum.
  • Bitcoin’s rising popularity: shrimps and long-term holders drive market dynamics, Glassnode report reveals.

According to a recent report by on-chain data aggregator Glassnode, smaller Bitcoin wallets, often referred to as “shrimps,” have been actively accumulating Bitcoin in significant amounts. The report highlights that these shrimps, holding less than 1 BTC, have purchased over 33,400 Bitcoins on a monthly basis.

The data further indicates that only 130 out of 5,263 trading days have recorded a larger monthly position change for these wallet owners, representing a mere 2.5%. In total, these shrimps currently hold a substantial 1.33 million Bitcoins, equivalent to a staggering $40,707,975,000.

The Shrimp Cohort [<1 BTC] continue to aggressively accumulate #Bitcoin at a rate of +33.4K BTC / Month, with only 130 / 5263 (2.5%) trading days recording a larger monthly position change.
This brings the total coins held by the Shrimp class to 1.33M BTC. pic.twitter.com/hXx3Qq51i6

— glassnode (@glassnode) July 3, 2023

Long-Term Bitcoin Holders Show Steady Accumulation Trend

Glassnode also shared insights on the Long-Term Holder Position Change index, revealing that long-term Bitcoin holders continue to exhibit a pattern of gradual accumulation.

Over the course of 602 days, these holders have added more than 1.01 million Bitcoins to their portfolios, reflecting a consistent trend of accumulation over nearly two years. Presently, these wallets hold a total of 14.47 million BTC, only 20 BTC shy of the all-time high of 14.49 million BTC.

BTC Market Performance and Recent Developments

At the time of reporting, Bitcoin is trading at approximately $30,620 per coin. The cryptocurrency has experienced a slight increase of less than 0.3% within the past 24 hours and a rise of nearly 2% over the past week. On June 20, Bitcoin surpassed the $30,000 level following news of major fund-management companies such as BlackRock filing applications with the SEC for Bitcoin spot ETFs.

Additionally, the recent launch of EDX, a centralized cryptocurrency exchange by Fidelity and other Wall Street companies, has further contributed to the evolving landscape of the crypto market.

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