Bitcoin accumulation has rallied since the collapse of FTX New BTC buyers have seen lower losses than an average existing BTC holder As the general cryptocurrency market took a bite at recovery following the sudden collapse of FTX, Glassnode, in a new report, considered whether Bitcoin’s [BTC] continued sell-offs represented a continuation of the bearish trend. […]
continued sell-offs represented a continuation of the bearish trend. Was there a deeper psychological shift among BTC investors?The on-chain analytics platform found that all cohorts of BTC investors have pivoted towards coin accumulation after the recent price decline.
This behavioral shift has also followed many major sell-off events, such as the March 2020 COVID crash, May 2022’s LUNA collapse, and June 2022, when the price first fell below $20,000.An investor cohort that perfectly exemplifies the accumulation trend is holders of less than one BTC, known as shrimps. According to Glassnode, this category of investors has,
While noting that new buyers had a superior entry point to the average holder, Glassnode found that sellers approached exhaustion in the current BTC market, and heavy distribution was met with an equal proportion of accumulation. This, according to Glassnode, drove the STH Cost Basis below the Realized Price, putting new buyers at an advantage.A look at BTC’s Adjusted MVRV Ratio revealed that the current BTC market was at its lowest “since the near pico-bottom set in Dec 2018 and Jan 2015.
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