Cryptoverse: Shrimps and whales keep bitcoin afloat

economictimes.indiatimes.com:

The shrimps of the crypto world have joined the whales in a glorious last stand to banish the bleak bitcoin winter. These two contrasting groups are both HODLers — investors in bitcoin as a long-term proposition who refuse to sell their holdings and they are determined to drive back the bears, despite their portfolios being deep in the red.

Did you Know?

In the wake of the crypto market crash, the prices of hardware used to support the mining of crypto assets are also falling dramatically. For example, a high-end graphic card is now almost 45% cheaper compared to its price a few months ago.

Shrimps, investors that hold less than 1 bitcoin, are collectively adding to their balance at a rate of 60,460 bitcoin per month, the most aggressive rate in history, according to an analysis by data firm Glassnode. Whales, those with more than 1,000 bitcoin, were adding 140,000 coins per month, the highest rate since January 2021. «The market is approaching a HODLer-led regime,» Glassnode said in a note, referring to the cohort whose name emerged years ago from a trader misspelling «hold» on an online forum. After bitcoin's worst month in 11 years in June, the decline appears to have abated as transaction demand seemed to be moving sideways, according to Glassnode, indicating a stagnation of new entrants and a probable retention of a base-load of users, ie HODLers. Bitcoin has been hovering around $19,000 to $21,000 over the past four weeks, less than a third of its $69,000 peak in 2021. «There is a saying in crypto markets — diamond hands. You've not really lost the money, if you've not pulled out. There may be a day it might come back up,» said Neo, the online alias of a 26-year old graphic designer at a