- The drop in bitcoin prices following the FTX implode in November provided Shrimp – those with less than 1 BTC the opportunity to add to their balances at low prices.
- According to new on-chain data tracking Prawn Holdings, the cohort bought 96.2k more BTC in the 30 days following the FTX crash.
- The holdings of the cohort saw an all-time balance increase in the month and currently account for approximately 6.3% of the bitcoin supply at 1.21 million.
Despite the ongoing sell-off in the crypto market over the past month, bitcoin ‘prawns’ – wallets holding less than one BTC – have massively added to their overall balances since the FTX explosion.
according to the latest data compiled By crypto exchange Bitfinex, investors have sold Bitcoin There has been loss in the last 30 days as contagion fears and other macro factors combined for a sinking feeling. But amid the widespread selling, there has been a significant accumulation drive from both prawns and ‘crabs’ – wallets containing up to 10 bitcoins.
An analysis of the on-chain balances of these two groups shows that a portion of small retail investors have indeed been unaffected by the negative sentiment and shock surrounding FTX. Simply put, wallets with less than 10 BTC have used the price drop. buy bitcoin,
Shrimps has added 96.2k BTC since the beginning of November
As some investors panicked after the shocking news of the collapse of FTX, some took the opportunity to buy short. In November, the bitcoin price dropped sharply below $20,000 and traded as low as $16,000.
Hodlers took advantage and sold weak hands. And as Bitfinex reports, it’s not just whales that could be getting in on the ongoing selloff.
The Prawns who bought the dip managed to add over 96,000 bitcoins to their wallet balances. In fact, the data narrows it down to 96.2k BTC the shrimp bought since the collapse of FTX, with the purchase accounting for the largest ever increase in the group’s wallet balance.
According to the data, Prawn now holds over 1.21 million bitcoins, accounting for around 6.3% of the benchmark cryptocurrency’s circulating supply.
as writing, on-chain data The circulating supply of bitcoin is 19.23 million coins, while addresses with more than $1 are around 34 million.
Wallets with less than 10 BTC also buy dips
Crabs, as mentioned above, are wallets that hold less than 10 bitcoins. Data from Glassnode shows that this group bought 191.6k BTC in the 30 days following the FTX collapse. The change in net position of the group during this period saw the total balance also reach an all-time high, a month higher than in July 2022 when the crabs bought 126k BTC following the May/June turmoil.
So what do these statistics reveal? According to the report, its potential retail investors are breaking from past behavior of heavy selling during bear cycles.
The investor bullishness on bitcoin thus marks a new wave of resilience, even as the bitcoin price nears $17,000 with the market potentially in more pain.