Users started buying bitcoin en masse — here’s the reason

According to data published by Glassnode analysts, small cryptocurrency investors, the so-called crypto shrimp, have started buying bitcoin en masse. After the information about the FTX exchange’s bankruptcy was made public, addresses holding less than 1 BTC increased their holdings by 96,200 BTC in total.

At the time of writing, cryptocurrency shrimp control about 6.3% of the total digital asset turnover. As for bitcoin crabs, who own up to 10 BTC, their cryptocurrency balances increased by 191,600 BTC in total.

Unlike small cryptocurrency holders, some bitcoin whales are getting rid of their tokens. Over the past 30 days, whales have transferred about 6,500 BTC to cryptocurrency trading platforms. However, such transfers are only a drop in the bucket compared to their reserves of 6.3 million BTC.

As for the outflow of cryptocurrencies from exchanges, according to Glassnode analysts, the withdrawal of digital assets from crypto platforms is breaking records. Experts claim that the market has faced a similar outflow of BTC only three times: in November 2020, April 2020, and June/July 2022. As of November 14, more than 59,000 bitcoins worth about $ 1 billion have been withdrawn from Binance. Cryptocurrency exchange Coinbase «lost» 69,000 bitcoins worth $ 1.15 billion. Gemini, Kraken, OKEx, and ByBit have withdrawn about 45,000 BTC. Bitfinex, on the other hand, showed an increase of 5,700 bitcoins. Huobi also saw a slight increase, as did Bitstamp. In total, 170,000 bitcoins worth about $ 3 billion were withdrawn from the exchanges between November 7 and 14.