BTC shrimps go on an accumulation spree.
In a tweet on Saturday, Sentiment Feed reveals that Bitcoin shrimps with 10 to 100 BTC in their wallet have been aggressively buying the dip, adding 52k BTC to their bags in five weeks.
“Bitcoin addresses holding between 10 to 100 BTC have been stacking Satoshis on this dip, and have collectively upped their holdings to 4.29M BTC. In the past 5 weeks, as prices have retraced -27%, they have added 52K more coins to their wallets,” Santiment tweeted.
? #Bitcoin addresses holding between 10 to 100 $BTC have been stacking #Satoshis on this dip, and have collectively upped their holdings to 4.29M $BTC. In the past 5 weeks, as prices have retraced -27%, they have added 52K more coins to their wallets. https://t.co/lgKK1iP8Pr pic.twitter.com/FqIH57BGnb
— Santiment (@santimentfeed) July 9, 2022
It is worth noting that Glassnode had also reported previously that whales and shrimps had been steadily accumulating the leading digital asset. According to the report, whales now hold 45.6% of the supply.
Additionally, as previously reported by The Crypto Basic, Bitcoin outflow from exchanges is at levels never seen before. These make a bullish case for the asset and reflect the growing belief in the asset despite the difficult year.
It is worth noting that June came close to being the worst month on record for the leading digital asset in terms of price movement. In June, Bitcoin’s price dropped by over 37%.
However, investors may have to brace for more pain as reports indicate more selling pressure ahead. For example, The Crypto Basic recently reported that Mt Gox looks set to release 150k BTC into the markets to compensate victims of the 2014 exploit that saw the exchange lose 850,000 BTC.
Bitcoin is trading at the $21,640 price point, down 0.73% in the last 24 hours but up 13.11% compared to the last seven days. Notably, Bitcoin proponents like Lark Davis believe this would be the last chance for some to get on board the Bitcoin train. Moreover, despite the downward trend in the price, the asset class continues to see growing adoption from institutions and governments.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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