Non-whale BTC investors break accumulation record last seen in 2017

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Data com­piled by Cryp­toSlate shows that the num­ber of Bit­coin wal­lets hold­ing 10 to 100 BTC had their sup­ply rise from 2.98  to over 3.26 mil­lion coins between 2018 and 2022.

How­ev­er, in the respect of accu­ra­cy, there are a few caveats to this data. It is unclear how many of these wal­lets belong to exchanges, over-the-counter trad­ing desks, or oth­er enti­ties rather than indi­vid­u­als. Fur­ther, data on the Bit­coin aSPOR trend also depicts extreme capit­u­la­tion across the mar­ket at large. 

It is also unclear whether new or exist­ing users hold the wal­lets. Nev­er­the­less, the data does pro­vide some inter­est­ing insights. 

For one, the num­ber of Bit­coin wal­lets hold­ing non-whale amounts of BTC has grown sig­nif­i­cant­ly in recent months. This sug­gests that there is increas­ing demand for  BTC among small-hold­er investors and a grow­ing appetite for Bit­coin as an investment.

It is also worth not­ing that the growth in wal­lets hold­ing 10 to 100 BTC is far greater than the growth in wal­lets hold­ing 1 to 10 BTC. This sug­gests that those who own Bit­coin are increas­ing­ly invest­ing more in cryp­tocur­ren­cy. The data set could indi­cate that Bit­coin is becom­ing more main­stream and that more peo­ple rec­og­nize its poten­tial as an invest­ment. Below is a chart rep­re­sent­ing Bit­coin enti­ties hold­ing 10 – 100 BTC:

non whale BTC investors

The met­ric reflects two types of retail Bit­coin hold­ers accu­mu­lat­ing a record amount of BTC after the FTX crash. 

Traders that use deriv­a­tives and lever­aged prod­ucts to trade cryp­tocur­ren­cy. This group has been accu­mu­lat­ing BTC since the begin­ning of November. 

While the sec­ond group is com­posed of small­er, non-whale investors, these investors have been buy­ing BTC in large quan­ti­ties since mid-Octo­ber when the mar­ket start­ed to crash. These retail investors seem unaf­fect­ed by the FUD sur­round­ing the fall of FTX and the bear market. 

More­over, the data sug­gest that the num­ber of active non-whale investors has increased sig­nif­i­cant­ly since mid-Octo­ber, indi­cat­ing that small investors feel more con­fi­dent in the cryp­tocur­ren­cy market. 

Accord­ing to Cryp­toslate reports, non-whale investors are like­ly buy­ing the dip and have been accu­mu­lat­ing a record amount of BTC over the past sev­er­al weeks. This could sig­nal immi­nent bull­ish sen­ti­ment in the mar­ket and lead to a poten­tial recov­ery in the near term. 

Post­ed In: Bit­coin, Analy­sis

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