‘Can’t stop, won’t stop’ — Bitcoin hodlers buy the dip at $20K BTC

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Everyone is expecting another Bitcoin (BTC) capitulation event, but the data indicates that mass buying has already begun.

In a Twitter thread on June 29, Checkmate, lead on-chain analyst at data firm Glassnode, drew attention to who in Bitcoin is really stacking sats.

Shrimp or whale, bitcoin pros stack sevens
The bitcoin sale made headlines for weeks and has begun to include long-term coin holders (LTHs) – those who have been guarding their coins for 155 days or more.

Speculators are not to blame for the current BTC price weakness, but contrary to popular opinion, many market participants are actually adding to their BTC allocation.

By analyzing Glassnode data, Checkmate revealed that the smallest and largest players are both in buy mode at around $20,000.

Dividing the hunting rule into four sections: “prawns,” “crabs (also known as classic scammers)”, “sharks” and whales, the figures make for a surprising read.

Both Shrimp and Lobster, the smallest retail investors with 10 bitcoins or less in their wallets, are not only hoarding, but doing so more intensely than at any time since the first time BTC/USD hit $20,000 in 2017.

Checkmate wrote, describing the accumulation procedure “cannot and will not stop”.

Shrimp is adding to the BTC dollar balance at the highest rate since 2017 ATH. Same price, different trend direction. I don’t underestimate the wit and not the conviction of the little guy in Bitcoin.”
At the other end of the spectrum, whales are similarly removing coins from exchanges to private purses at a pace that Checkmate calls “full HAM.”

The main exception lies in the middle: sharks or corporate entities with a high net worth between 10 and 1,000 BTC.

While this makes up a large part of the network, scammers may bear the brunt of the overall changes, Checkmate claims, either being liquidated in positions or seeing their fortune erased in DeFi bets.

Even here, however, the general trend is bullish.

“Balances are increasing, but nothing special. Looking at TradFi and crypto shitshow -> I suspect these guys have been very affected by the deleveraging and margin calls.”

Analyst $25 billion stablecoin reserves
Earlier this week, Glassnode similarly showed that the 30-day cumulative BTC flow from exchanges has reached a new peak.

Related: 80,000 Bitcoin Millionaires Wiped Out In The Great Crypto Crash of 2022

For Ki Young Ju, CEO of associate analytics firm CryptoQuant, the signs that capital is waiting on the sidelines to spread back into crypto are also clear.

Key looked to see a mere 11% reduction in the combined stablecoin market capitalization compared to 70% of Bitcoin from all-time highs.

“Stablecoins on exchanges are now worth half of bitcoin’s reserves,” he added on June 30.

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