'Can't stop, won't stop' — Bitcoin hodlers buy the dip at $20K BTC
Everyone expects another Bitcoin (BTC) capitulation event, but data suggests that mass buying has already started.
In a Twitter thread on June 29, Checkmate, lead on-chain analyst at data firm Glassnode, drew attention to who in Bitcoin is really stacking sats.
Bitcoin selling has made the headlines for weeks, and has even begun to include long-term holders (LTHs) — those who have been guarding their coins for 155 days or more.
Speculators are not taking the blame for current BTC price weakness, but contrary to popular opinion, many market participants are in fact adding to their BTC allocations.
Dissecting Glassnode data, Checkmate revealed that the smallest and largest players are both in buy-mode at around $20,000.
Spitting the hodler base into four sections: “shrimps,” “crabs (otherwise known as classic hodlers),” “sharks” and whales, the figures make for surprising reading.
Both shrimps and crabs, the smallest retail investors with 10 BTC or less in their wallets, are not only stacking, but doing so more intensely than at any time since the first time that BTC/USD hit $20,000 in 2017.
“Can't stop and won't stop,” Checkmate wrote describing the accumulation action.
At the other end of the spectrum, whales are similarly removing coins from exchanges to private wallets at a pace Checkmate calls “full HAM.”
Whales with 1k+ $BTC are going HAM.Alongside the Shrimp and Crabs, thsi looks like the perfect mid-wit meme.Shrimp = stackersMiddle wealth = scared and margin calledWhales = stackers pic.twitter.com/zyakmicxGG
The main exception lies in the middle: the sharks or institutional, high net worth entities with between 10 and 1,000 BTC to their name.
While this makes up a large swathe of the network, hodlers have borne the brunt of
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