The world’s largest cryptocurrency, Bitcoin (BTC), has pushed its price back above $30,000. At press time, Bitcoin is trading up 2.56% at a price of $30,234 and a market cap of $585 billion.
Bitcoin price is currently continuing to fluctuate within the support and resistance area of $29,500 and $32,500 respectively. Amid the current price action, both BTC shrimp and BTC whales have continued to accumulate at different price levels.
The Bitcoin shrimp, i.e. the cohort of investors holding less than 1 BTC, have seen significant growth in their on-chain balances. Also, after the collapse of the terra ecosystem, there’s also some clear shit in the aggregation behavior of shrimp.
According to on-chain data provider Glassnode, retail participants have accelerated their uptake of bitcoins. At the same time, they also increased the relative share of the total circulating supply by 1.78%.
Courtesy: Glassnode
On the other hand, the cohort of Bitcoin whales, i.e. addresses holding between 100 and 1,000 BTC, are back in accumulation after months of dumping together. Just in the last two days, this cohort added more than 20,000 bitcoins to their treasury. According to Santiment:
“Whale addresses with 100-1k $BTC are back in accumulation mode after months of dumping. 20.007 $BTC was added in the last 2 days. #Bitcoin had bobs Tuesday bouncing above $30.5K and now revisited back to $30.0K support.”
Courtesy: Santiment
Bitcoin HODLers have diamond hands
According to Glassnode data, bitcoin hodlers have demonstrated the properties of diamond hands while holding onto their stashes. Although BTC price is up more than 80% so far in 2023, there hasn’t been a significant increase in spending on legacy coins.
Courtesy: Glassnode
The chart above shows that the coins bought in the last three months represent less than 20% of the assets held in bitcoins. This behavior usually shows the period of bear cycle lows.
Glassnode adds, “By contrast, this means that coins older than 3 months (HODLers) hold over 80% of the wealth, despite the brutal pullback of 2022 and the market rally in 2023.”
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