Two Investor Cohorts Are Aggressively Accumulating Bitcoin Following FTX Implosion: Analytics Firm Glassnode

A leading analytics firm says that two groups of Bitcoin (BTC) investors have been heavily loading up following the collapse of FTX.

Glassnode says that shrimps, or entities owning less than one Bitcoin, have collectively accumulated over $1.55 billion worth of BTC following the downfall of FTX.

“Bitcoin Shrimps (<1 BTC) have added 96,200 BTC to their holdings since FTX collapsed, an all-time high balance increase.

This cohort now hold over 1.21 million BTC, equivalent to 6.3% of the circulating supply.” 

Looking at crabs, or entities owning as much as 10 BTC, Glassnode says that the investor cohort gobbled over $3 billion worth of Bitcoin in just the past month.

“Bitcoin Crabs (up to 10 BTC) have also seen aggressive balance increase of 191,600 BTC over the last 30 days.

This is a convincing all-time-high, eclipsing the July 2022 peak of 126,000 BTC/month.”

While the two investor cohorts have been increasing their Bitcoin balances, Glassnode notes that whales have slightly trimmed their holdings over the last 30 days to the tune of just $105 million in BTC.

“The primary cohort which has been lightening their Bitcoin holdings are whales (1,000+ BTC).

Whales have released approximately 6,500 BTC to exchanges on net over the last month.

Whilst this is distribution, it remains very small relative to their total holdings of 6.3 million [BTC].”

At time of writing, BTC is swapping hands for $16,248, down 1.72% on the day.

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Featured Image: Shutterstock/RealmDrifter/Konstantin Faraktinov