Small Bitcoin Holders Buy BTC in Droves in Spite of FTX Collapse

Accord­ing to data shared by Glassnode, Bit­coin “shrimps,” a cohort of address­es that hold less than 1 BTC, have added 96,200 coins since the col­lapse of the FTX exchange. 

This marks an all-time high bal­ance increase, accord­ing to the promi­nent ana­lyt­ics firm. 

The small­est Bit­coin hold­ers now con­trol about 6.3% of the cryptocurrency’s total cir­cu­lat­ing supply. 

In the mean­time, Bit­coin crabs, small fo hold­ers who own up to  10 BTC, have also record­ed a mas­sive bal­ance increase of rough­ly 191,600 coins over the past month. This has also marked an all-time increase.

In sharp con­trast to that, Bit­coin whales have been actu­al­ly offload­ing their hold­ings. Over the last 30 days, whales released about 6,500 coins to cryp­tocur­ren­cy trad­ing plat­forms. With that being said, it should be not­ed that it is a drop in the buck­et com­pared to their total hold­ings of 6.3 mil­lion coins. 

The recent Glassnode data shows that the aver­age retail investor like­ly remains bull­ish on cryp­to, with small­er hold­ers stack­ing it up. 

Bit­coin has been bat­tered by the unfa­vor­able macro envi­ron­ment as well as the down­falls of such major play­ers as Ter­ra and FTX. 

As report­ed by U.Today, a recent sur­vey con­duct­ed by Morn­ing Con­sult shows that Amer­i­cans expect Bit­coin to col­lapse by $11,500 with­in the next six months. Those who hold cryp­to have a more opti­mistic tar­get of  $17,500.