Monday, July 22, 2024

Bitcoin hodlers buy the drop at $20K BTC because they “can’t stop, won’t stop”.

If you think that panic selling is behind the losses in BTC prices, this doesn’t look as convincing now. Data released recently on BTC activity indicates that other factors are contributing. Though the expectation is that BTC capitulation will happen soon, massive buying is already happening.

There is no disputing the fact that a lot of people sold off their holdings for months. This selling was done even by people who had their holdings for a long time – over 150 days. There is no reason to blame speculators for weak BTC prices – on the flip side, many people have now started buying.

According to market data, small and large players are buying at the current $20,000 price.

The buyer/hodler base can be broken up into 4 distinct sets – shrimps, classic hodlers aka crabs, whales, and sharks. The figures are also surprising for each category. Shrimps, as well as crabs are small/investors who have less than 10 BTC in their accounts. These investors are buying intensely as the prices are at their lowest. They cannot and do not want to stop accumulating.

On the other side, it looks like big investors, aka whales are moving their coins from big exchanges and sending them to private wallets at a steady pace. The exception is at the mid-point of the scale – sharks such as HNEs and institutional investors who have up to 1000 BTC in their accounts. Overall, the trend for BTC is going up. Account balances are slowly rising but not too fast. It looks like many crypto investors are waiting for the market to stabilize before getting back into investment activity.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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