The Emergence Of Bitcoin (BTC) Shrimps

Shrimps are said to be in a more significant net position. Shrimps increased their Bitcoin holdings by 96k until the time of writing since FTX’s demise. The fact that these investors possessed 1.21 million BTC, or roughly 6.3% of the total supply of Bitcoin, represented an all-time high rise, making this event historical, as reported by Glassnode.

The king coin attracted the interest of additional small-scale investors who were holding up to 10 BTC. Retail investors did believe in the coin, but whales did not have the same excitement. 

Glassnode claims that whales were seen leaving their locations. According to Bitcoin’s fear and greed index, this might be because investors continue to have a lot of reasons to be afraid.

Additionally, the on-chain measurements for Bitcoin show a fear-based mood. Over the past several days, there has been a sharp decline in the number of addresses on the Bitcoin network that are active daily. 

In addition to that, there was a decline in Bitcoin’s velocity, which is shown in the graph below. The velocity dropped, indicating a decrease in the frequency of BTC transfers between addresses. Additionally, the volume of Bitcoin decreased from 50 billion to 25 billion, a 50% drop.

Related Reading | Bitcoin Drops To $15,800, Investors Lose Faith

As a result of the aforementioned causes, Bitcoin’s dominance of the cryptocurrency market has decreased. Furthermore, according to information provided by Messari, its market cap domination decreased by 2.67% over the previous month. It is yet to be seen if retail investors’ interest will help support the price of BTC.

Nevertheless, Bitcoin was worth $16,209.19 at the time of writing. According to CoinMarketCap, its price dropped by 2.03% on the previous day, and it held 38.48% of the entire cryptocurrency market.

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