Bitcoin Shrimps are Accumulating Despite Market Uncertainty: Hints of a Near Bottom?
The post Bitcoin Shrimps are Accumulating Despite Market Uncertainty: Hints of a Near Bottom? appeared on BitcoinEthereumNews.com.
Despite the recent Bitcoin price struggles, “shrimps,” which refer to holders with less than 1 BTC, are accumulating. The past few weeks have been filled with uncertainty for Bitcoin and the broader crypto market as macroeconomic headwinds persist. But amid the uncertainty, a recent on-chain metric may offer a glimmer of hope. Bitcoin Shrimps Unfazed Despite Bitcoin’s recent price struggles, shrimps, which refer to holders with less than 1 BTC, have been accumulating more tokens, according to the on-chain analytics platform Glassnode. In an X post on Monday, January 13, the firm disclosed that this class of Bitcoin investors is now accumulating the asset at a rate of 17.6K BTC per month after selling at fresh all-time highs of around $108,000 in early December 2024. Chart showing net position change of Bitcoin shrimps. Source: Glassnode Chart showing net position change of Bitcoin shrimps. Source: GlassnodeWhile this is by no means a market-moving sum, these small investors have recently been touted as the smart money in the market, buying low and selling high. The data shows that the last time these investors accumulated at this rate was around July 2023. At the time, Bitcoin traded between $25,000 and $30,000. It has not gone below this price range since. Could Current Price Levels Mark Another Bottom for Bitcoin? Whether current market prices hold as another price bottom will likely be decided by Bitcoin’s price action in the coming weeks as it trades around the $90,000 support level. Veteran trader Peter Brandt has recently suggested that a drop below this level could result in a bear trap before a rally to new highs or fulfill a head-and-shoulders chart pattern with a target at $75,000. Source: https://thecryptobasic.com/2025/01/13/bitcoin-shrimps-are-accumulating-despite-market-uncertainty-hints-of-a-near-bottom/?utm_source=rss&utm_medium=rss&utm_campaign=bitcoin-shrimps-are-accumulating-despite-market-uncertainty-hints-of-a-near-bottom
Filed under: News - @ January 13, 2025 6:15 pm