Bitcoin holders’ retail balances soar amid DailyCoin’s FTX collapse

©Reuters. Bitcoin holders’ retail balances soar amid FTX collapse
  • Shrimp added 96,200 BTC since FTX collapse.
  • Crabs added 191,600 BTC since FTX collapse.
  • Supply on exchanges has dropped to just 6.95%, according to Santiment data.

Since the FTX exchange’s demise earlier this month, a subset of Bitcoin (BTC) holders called Shrimps, a group of addresses holding less than one BTC, have added 96,200 BTC to their combined hoards.

According to experts from Glassnode, this group now owns more than 1.21 million BTC, which is 6.3% of the total circulating supply of the world’s leading cryptocurrency.

This month also saw a segment of bitcoin investors known as “crabs,” who own one to ten BTC, buy the drop. The blockchain data company claims that this group of investors has accumulated a total of 191,600 additional BTC over the past 30 days.

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Bitcoin retail balances hit new heights

Additionally, November’s purchases have propelled total stocks of shrimp and crab to all-time highs, with the latter surpassing the previous high of 126,000 BTC set in July 2022.

As a result of the crypto contagion sparked by the FTX exchange’s bankruptcy, which has affected well-known companies such as Genesis Global, Gemini and BlockFi, Bitcoin, which had been trading above $21,000 in early November, recently fell to a two-year low, trading below $16,000.

At the time of writing, the world’s most popular cryptocurrency was trading at $16,470, down 1.18% from the previous day.

On the flip side

  • However, bitcoin whales — those who own more than 1,000 BTC — are the main group who have partially offloaded their holdings, moving over 6,500 BTC to cryptocurrency exchanges in the last month.
  • Even if this would indicate that they are ready for sale, according to According to Glassnode, the total bitcoin whale holdings are much larger at 6.3 million BTC.

Why you should care

With confidence in centralized exchanges (CEXs) plummeting to new record lows, it should be highlighted that a significant percentage of Bitcoin investors have opted for self-custody. Bitcoin supply on exchanges has dropped to just 6.95%, according to a study by Santiment published on Saturday. These levels were last seen almost four years ago.

Read more market news:

Crypto Winter Makes Institutional Investors Stack Sats: Poll

Cathie Wood’s ARK Invest Acquires $1.4M As It Rises From Record Lows

See original on DailyCoin

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