The prawns of the crypto world have joined the whales in their final stop to dispel the Bitcoin winter.
The two opposing groups are HODLers — investors who hold bitcoin as a long-term supply and refuse to sell their assets — determined to fight off the shorts despite their portfolios in the red.
Shrimps, investors holding less than 1 BTC, collectively increased their balances at a rate of 60,460 BTC per month, the most aggressive rate in history.
Whales with more than 1,000 bitcoins added 140,000 coins per month, the highest level since January 2021.
Glassnode said that after Bitcoin’s worst month in 11 years in June, the decline appears to have eased as transaction demand seems to be moving sideways, suggesting new entrants are stagnant and likely to retain basic users, Namely HODLers.
In the past four weeks, bitcoin’s price has risen from around $19,000 to $21,000, less than a third of its 2021 peak of $69,000.
About 55% of individual U.S. crypto investors held their investments in response to the recent sell-off, while about 16% of investors globally increased their crypto exposure in June.
Bitcoin’s lowest point
The price of BTC has historically been at the bottom of all-time highs since its inception. McGlone claims a conditional run to $20,000 as this pivot support level in 2022 comes against the backdrop of a “risk action” decline against traditional markets. A $20,000 bitcoin could be considered $2 in 2011, $200 in 2015, and $3,000 in 2018. Mainstream mature.
In the shorter time frames, Bitcoin has managed to hold above $20,000 despite a decline in traditional markets and a stronger U.S. dollar. Given current macroeconomic conditions, investors continue to reduce risk, with the dollar near 20-year highs. Material Indicators (MI) data recorded around $20 million in bid orders for BTC prices between $20,000 and $19,000. These levels should act as support for further declines as BTC whales continue to accumulate.