So-called Bitcoin “shrimps” i.e. addresses holding less than 1 BTC, have added 96,200 BTC to their holdings since the collapse of the FTX exchange earlier this month.
According to analysts at Glassnode, the “shrimps” now hold over 1.21 million BTC, equivalent to 6.3% of the total amount of BTC in circulation.
Another category of smaller Bitcoin holders who found an opportunity to buy in this month’s drop are the so-called “crabs”, i.e. addresses holding between 1 BTC and 10 BTC. This category of investors added a total of 191,600 BTC in the last 30 days.
For both the “shrimps” and the “crabs”, November’s markets pushed their holdings to historic record levels and even broke the peak of 126,000 BTC in July 2022.
The record increase in holdings by both “shrimp” and “crabs” create a strong base for the Bitcoin network of people who know it well, understand its value and are prepared to hold it for the long term.
The… contamination
Bitcoin was trading above $21,000 in early November, however, its price fell below $16,000 last Monday after the FTX collapsed, which represented its lowest level in two years.
The “contagion” from the FTX collapse quickly spread across the industry, affecting high-profile companies such as Genesis Global, Gemini and BlockFi.
The “Whales” are reducing their holdings
On the other hand, Bitcoin “whales”, i.e. addresses holding over 1,000 BTC, are the main category reducing their Bitcoin holdings, sending around 6,500 BTC to exchanges in the last 30 days.
The self-editing
It should also be noted that a significant number of Bitcoin investors have opted for self-custody as confidence in centralized exchanges has declined significantly, reaching new all-time lows.
As reported by Santiment last Saturday, Bitcoin stocks on exchanges fell to 6.95%, levels that were seen back in 2018.
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- Tom Emmer: The collapse of FTX and the real people responsible for it
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