It seems that the real Bitcoin holders have not panicked about the collapse of FTX. If we are to believe Glassnode’s numbers, the so-called ‘Shrimps’ added 96,200 Bitcoin to their wallets after the collapse of FTX. Glassnode qualifies wallets as Shrimps if they contain less than 1 Bitcoin.
Small holders strike
In that respect, it is mainly smaller investors who strike after the debacle at FTX. This cohort of Bitcoiners now owns more than 1.21 million BTC. Those 1.21 million Bitcoin make up about 6.3 percent of the total amount currently in circulation. The problems at FTX have not been good for the Bitcoin price, but the army of holders does not seem to care much about it.
The ‘Crabs’, wallets with a maximum of 10 Bitcoin, have also aggressively added to their total in recent weeks. In 30 days, 191,600 Bitcoin were added to the wallets of this cohort. That number is an all-time high in this area. The previous peak was 126,000 Bitcoin and it was reached in July 2022. In that respect, the year 2022 is also a year of buying for many Bitcoiners.
Whales for sale
It is striking that the ‘Whales’, wallets with 1,000 Bitcoin or more, seem to be selling their holdings at the moment. Over the past 30 days, this group sent about 6,500 more Bitcoin to the exchanges than they made to their own wallets. However, this remains a small amount compared to their total of 6.3 million Bitcoin.
What this mainly shows is that the average retail investor is still bullish on Bitcoin and sees a bright future. Whales are a little less enthusiastic at the moment, but that negative sentiment is dwarfed by developments among the Shrimps and Crabs.