Glassnode records a massive accumulation of BTC by investors after FTX’s collapse

Analysts have identified two groups of asset holders who increased their investments amid the bankruptcy of the crypto exchange

29.11.2022 - 10:15

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2 min

What’s new? Analysts at Glassnode have identified two groups of investors who have been accumulating bitcoins since the collapse of the FTX crypto exchange. The first includes users with balances of less than 1 BTC. They have added 96 200 coins to their assets (~$1,5 billion as of November 29, at the Binance exchange rate), which is an all-time high balance increase. This group owns over 1,21 million bitcoins (~$19,9 billion), representing 6,3% of the circulating supply.

#Bitcoin Shrimps (< 1$BTC) have added 96.2k $BTC to their holdings since FTX collapsed, an all-time high balance increase.This cohort now now hold over 1.21M $BTC, equivalent to 6.3% of the circulating supply.Pro Dashboard: https://t.co/HpXwoav6wO pic.twitter.com/7U4oPAAakD — glassnode (@glassnode) November 28, 2022

What else did Glassnode report? The second group is investors who own up to 10 BTC. They have increased their savings by 191 600 coins (~$3,1 billion) in the last 30 days. This is an all-time high, surpassing the July 2022 peak. At that time, users with balances up to 10 BTC accumulated 126 000 BTC in a month.

In contrast, a group of investors with more than 1000 BTC decreased their savings. Large holders have released about 6500 BTC (~$107,31 million) to exchanges over the last month. At the same time, such redistribution remains very insignificant compared to the total volume of 6,3 million BTC (~$104 billion).

Earlier, Cointelegraph citing Glassnode statistics reported that the number of bitcoin millionaires dropped by 80% over the year. As of November 25, 2022, there were only 23 345 wallets in the world with a balance of 1 million BTC or more. On November 8 last year, the figure was 112 898.

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