It’s been just revealed that the big players in the crypto industry are accumulating Bitcoin following the latest events involving FTX. Check out the latest reports below.
Investor cohorts accumulate Bitcoin
It’s been just revealed that the leading analytics firm Glassnode says that two groups of Bitcoin (BTC) investors have been heavily loading up following the collapse of FTX.
Glassnode says that shrimps, (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, (entities owning as much as 10 BTC), Glassnode said 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.”
Glassnode also made sure to reveal the fact 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 the moment of writing this article, BTC is trading in the green, and the king coin is priced at $16,499.
Bitcoin resilience is addressed
The billionaire Mike Novogratz says that he doesn’t envision Bitcoin and leading smart contract platform Ethereum (ETH) going under even though a crisis of confidence is rattling the crypto markets.
“We certainly have a crisis of confidence in this market, and we’re not out of the woods yet. There’s a lot of daisy chain effect going on and people had exposure to Three Arrows [Capital], and people had exposure to FTX, and FTX was a major player. So it’s going take a few weeks for people to just to even get their balance back.”
Check out our previous article in order to learn more details about all this.