Connect with us

À la une

Small savers’ BTC balance hits record high after FTX collapse

Published

on

Despite the downward pressure on the price of bitcoin, which has led to a 2.2 percent drop in the past 24 hours, small bitcoin savers have been buying aggressively during this correction.

A Glassnode report notes that the bitcoin shrimp segment, those with less than 1 BTC, have added 96,200 BTC to their balance sheet since the FTX collapse. This cohort now accumulates 1.21 million BTC, representing 6.3 percent of bitcoin circulation.

The graph displays the price of bitcoin (black) in contrast to the shrimp-controlled supply. The shaded area indicates BTC added, as well as showing the recent spike in over 90,000 BTC added to the shrimp supply..

Shrimp supply increased to 1.21 million BTC. Source: glassnode.

BTC crabs are also making inroads.

Glassnode has also seen a record increase in savers holding between 0.1 and 10 BTC, so-called crabs. In the past 30 days, it has added 191,600 BTC to its balance sheet, surpassing 2.4 million BTC, or 12.6 percent of bitcoin’s circulating currency. This cohort also records an all-time high in accumulated BTC..

Advertisement

Crabs control 12.6 percent of bitcoin supply.

In contrast, whales, i.e., savers with more than 1,000 BTC, have seen sales in the past 30 days. However, the 6,500 BTC these savers sold in November is really insignificant (2.3 percent) compared to the more than 280,000 BTC purchased by shrimp and crabs. Similarly, these whale sales are insignificant compared to the total BTC they accumulate, about 6.3 million BTC, or 33 percent of the circulating value of bitcoins..

Analysts predict bottoming of bitcoin price

Intensified selling by small savers could be associated with a possible bottoming of the pricewhen available sellers begin to shrink.

A lire aussi :   FTX entre dans SkyBridge par Anthony Scaramucci | Acquisition de 30 % des actions

The analyst Willy Woo posted on Twitter several reasons why he believes a price low is imminent. One of these is the case of the lows in the MVRV indicator, which CryptoNews has already highlighted. The MVRV are obtained from the ratio of bitcoin’s market value to its realized value, which was used to determine price peaks and troughs.

Woo highlights the use of the “age” and value of BTCs being transferred to new investors to form a fund, through the CVDD indicator.

When one HODLer sells to another HODLer, the transaction contains both the value (USD) and time duration of the previous HODL. The CVDD is the cumulative sum of this value and destruction time for each transaction in the chain.

Willy Woo, @woonomic on Twitter.

HODLer is a term applied to a bitcoin saver with little inclination to sell.

The CVDD metric would predict a bottom for the price of BTC. Source: @woonomic on Twitter.

Woo created the CVDD metric in 2019, which was a minimum threshold for price and actually functioned as a price support. However, this bearish phase is the first that will serve to test the hypothesis, Woo notes. So far, the price curve has touched the CVDD curve twice in recent days.

An analysis by CryptoNews, published on Nov. 24, presents the opinion of several traders and analysts on the creation of a price fund. It highlights that the percentage of bitcoin savers at a loss is close to 50 percent, a point that has also been associated with the formation of a floor OF PRICE.

Continue Reading

Trending

Copyright © 2017 Zox News Theme. Theme by MVP Themes, powered by WordPress.