Heavyweights of the industry buying huge stacks of BTC

Heavyweights of the industry buying huge stacks of BTC

  • Data shows aggressive BTC accumulations by all categories of Bitcoin investors in the last seven days.
  • Holders of 10-1000 BTC acquired nearly 6.9 million BTC following the FTX contagion.

Several top digital assets have capitulated following Sam Bankman-Fried’s FTX exchange crash. Unfortunately, the leading digital asset BTC wasn’t spared after the crash as it traded at $15,683 at one time during the last week. Despite the BTC price drop, all holders of this digital asset have increased their holdings in the last seven days.

The Shrimps BTC holders’ accumulation

The BTC holders in this category are those whose BTC holdings are not up to 1 BTC. However, this group has been increasing its holdings aggressively since the start of the bear market. The reason is that they consider the asset more affordable at its current price.

According to on-chain data, Shrimps increased their BTC holdings by more than 60,000 BTC in July. These groups pay close attention to price changes and have been acquiring more BTC because they see BTC’s current price as a bargain.

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Since the beginning of this year, shrimp’s supply net position has been increasing gradually. According to Glassnode data, shrimps BTC supply net position surpassed the 1 million mark after the FTX crash.

A sharp rise in Crabs’ BTC holdings

This group consists of BTC holders with 1 BTC to 10 BTC, steadily increasing their holdings over the years. Despite the size of their holdings, this group usually stays up to date about current happenings surrounding the leading digital asset. Like the previous group, this group has also aggressively increased its BTC holdings after the FTX crash.

Beginning last week, crabs’ BTC net supply position spiked massively, reaching about 2.8 million. However, it is worth noting that there have been insignificant changes to their net position between September and the start of November.

Fish-to-shark holdings hit nearly 7 million

The fish-to-shark group is those whose BTC holdings are between 10 and 1000 BTC. The FTX crash saw them make an aggressive increase in their BTC holdings.

On-chain data shows a massive drop in the BTC supply held by this group between May and June. This period was when the market was still suffering from the effects of the Terra network crash. This group’s supply net position increased massively last week compared to August when it was relatively stable.

BTC whales buck their year-long trend

BTC whales are those with at least 1000 BTC. Since January, they have been selling their holdings to de-risk and get enough liquidity following the bearish macroeconomic environment. However, data shows that they have also started increasing their BTC holdings in the last two weeks, bucking their selling trend since the start of the year.

Whales are accumulating their BTC for reasons different from the FTX crash. This makes it different from other BTC holders’ groups, whose primary reason for increasing their BTC supply was the FTX crash.


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