Shrimps and whales keep bitcoin afloat
The shrimps of the crypto world have joined the whales in a glorious last stand to banish the bleak bitcoin winter.
These two contrasting groups are both HODLers – investors in bitcoin as a long-term proposition who refuse to sell their holdings – and they are determined to drive back the bears, despite their portfolios being deep in the red, Reuters reports.
Shrimps, investors that hold less than 1 bitcoin, are collectively adding to their balance at a rate of 60,460 bitcoin per month, the most aggressive rate in history, according to an analysis by data firm Glassnode.
Whales, those with more than 1,000 bitcoin, were adding 140,000 coins per month, the highest rate since January 2021.
“The market is approaching a HODLer-led regime,” Glassnode said in a note, referring to the cohort whose name emerged years ago from a trader misspelling “hold” on an online forum.
After bitcoin’s worst month in 11 years in June, the decline appears to have abated as transaction demand seemed to be moving sideways, according to Glassnode, indicating a stagnation of new entrants and a probable retention of a base-load of users, ie HODLers.
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