Sun, November 24

BTC Whales Make Waves with Aggressive Bitcoin Purchases, Report Unveils

Analyzing Bitcoin's Market Cycles: Insights from Glassnode Bitcoin News
  • Small bitcoin wallet holders show strong accumulation trend: Glassnode report.
  • “Long-term bitcoin holders continue to accumulate as market sees positive momentum.
  • Bitcoin’s rising popularity: shrimps and long-term holders drive market dynamics, Glassnode report reveals.

According to a recent report by on-chain data aggregator Glassnode, smaller Bitcoin wallets, often referred to as “shrimps,” have been actively accumulating Bitcoin in significant amounts. The report highlights that these shrimps, holding less than 1 BTC, have purchased over 33,400 Bitcoins on a monthly basis.

The data further indicates that only 130 out of 5,263 trading days have recorded a larger monthly position change for these wallet owners, representing a mere 2.5%. In total, these shrimps currently hold a substantial 1.33 million Bitcoins, equivalent to a staggering $40,707,975,000.

Long-Term Bitcoin Holders Show Steady Accumulation Trend

Glassnode also shared insights on the Long-Term Holder Position Change index, revealing that long-term Bitcoin holders continue to exhibit a pattern of gradual accumulation.

Over the course of 602 days, these holders have added more than 1.01 million Bitcoins to their portfolios, reflecting a consistent trend of accumulation over nearly two years. Presently, these wallets hold a total of 14.47 million BTC, only 20 BTC shy of the all-time high of 14.49 million BTC.

BTC Market Performance and Recent Developments

At the time of reporting, Bitcoin is trading at approximately $30,620 per coin. The cryptocurrency has experienced a slight increase of less than 0.3% within the past 24 hours and a rise of nearly 2% over the past week. On June 20, Bitcoin surpassed the $30,000 level following news of major fund-management companies such as BlackRock filing applications with the SEC for Bitcoin spot ETFs.

Additionally, the recent launch of EDX, a centralized cryptocurrency exchange by Fidelity and other Wall Street companies, has further contributed to the evolving landscape of the crypto market.

Seasoned Crypto Content Writer, Editor and Journalist who entered the cryptocurrency industry out of sheer passion and love for writing.