Retail holders are aggressively accumulating Bitcoin: Glassnode
Bitcoin shrimps have been aggressive as market participants ride positive sentiment to buy more BTC.
Glassnode data shows BTC shrimps’ 30-day net position change has only been higher on 116 other trading days.
Bitfinex analysts highlighted on Monday that Bitcoin’s non-zero balance addresses had risen to more than 45 million.
Retail holders, or crypto investors who own less than 10 bitcoin are aggressively adding to their portfolios, according to on-chain data provider Glassnode.
A look at the group of Bitcoin holders collectively termed as “Shrimps” shows that retail participation in the market over the past 30 days has been bettered only on 116 other trading days.
Shrimps with less than 1 BTC hold 1.29 million BTC
According to Glassnode, with BTC price currently below $30k, the Shrimps’ net position change as currently shown on-chain is only below 116 trading days. The cohort that holds less than 10 BTC in their wallets has a current 30-day change of 37 BTC/month. The total supply held by the cohort is 1.29 million BTC.
“We can assess the 30d change to the supply held by the Shrimp class (< 1 BTC) to evaluate the intensity of retail participation. Currently, only 116 days have recorded a larger 30d change, suggesting retail participants are aggressively accumulating,” Glassnode tweeted.
Chart showing Bitcoin Shrimps net position change. Source: Glassnode
The platform had previously pointed to overall aggressiveness in the market, with the intensity of shrimp accumulation following Bitcoin’s recent price surge. BTC rising to highs near $29,000 in March had seen bullish projections for price to retest the $30,000 level amid a new macro uptrend.
With #Bitcoin price action continuing to climb towards the cycle baseline ($30K), market participants have responded by aggressively accumulating coins.
This underscores a similarity in structure between the current cycle and 2018-19 cycle.
📊 https://t.co/b1E5fiLnpQ pic.twitter.com/h1vq22ldqj
— glassnode (@glassnode) March 31, 2023
On Monday, crypto exchange Bitfinex released its Bitfiniex Alpha report, which we highlighted today. In the report, analysts pointed to growing demand for BTC among small investors, with those addresses with non-zero balances hitting a record 45.388 at the end of last month.
The post Retail holders are aggressively accumulating Bitcoin: Glassnode appeared first on CoinJournal.
