FTX crash urges investors to increase Bitcoin accumulation

The recent crash of FTX caused a serious capitulation of the top cryptocurrencies, with Bitcoin trading as low as $15,682 over the past 7 days.

The drop in the top digital asset, however, did not discourage investors as on-chain data shows that all major groups of Bitcoin investors – whales, crabs and shrimp – accumulated heavily throughout. week.

Shrimp continues to accumulate Bitcoin

Shrimp are retail investors with less than 1 BTC. Since the beginning of the bear market, this group has been actively adding Bitcoin because they found the asset to be affordable.

According to the research, shrimp increased its balance to over 60,000 BTC in July.

Source: Glassnode

Shrimp is very sensitive to price changes and started to accumulate as BTC is in a price range that they consider attractive again.

The net supply position held by shrimp has been trending upwards since the beginning of this year, at a steady pace. Glassnode data shows their holdings jumped after the crash of FTX when the supply held by shrimp exceeded 1 million coins.

Crab Bitcoin positions spike in November

Crabs are retail-scale investors with larger capital accumulation or groups that have been accumulating BTC over many years. This group is generally well informed about the asset regardless of their holding size – typically from 1 BTC to 10 BTC.

Source: Glassnode

Like shrimp, on-chain data shows that crabs also actively bought BTC after the FTX crash.

The supply of BTC held by crabs reached 2.8 million and their net supply position spiked significantly in the second week of November while being mostly stable since September.

The supply of fish to sharks increased by over 6.9 million

The next group of investors who bought Bitcoin massively after the FTX crash were fish to sharks who held between 10 and 1000 BTC.

Source: Glassnode

According to on-chain data, the supply of BTC held by this group dropped massively between May and June as the crypto industry was still reeling from the Terra LUNA crash.

However, since the spread was contained, they have been actively accumulating the top digital asset, reaching a new all-time high for the year of over 6.9 million.

Their net supply position has been relatively stable since August but spiked in the second week of November.

Bitcoin Whales Are Buying

Bitcoin whales are wallets that hold more than 1000 BTC. This group has largely sold throughout the year, with many of them having to sell to reduce risk as much as possible amid negative macroeconomic conditions.

FTX crash urges investors to increase Bitcoin accumulation
Source: Glassnode

However, like every other group of BTC investors, they appear to be reversing their year-long trend and have been buying Bitcoin since late October. The whales’ accumulation trend, however, doesn’t seem to be being driven. driven by the FTX crisis compared to other groups whose supply activity spiked after the event.

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