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Bitcoin ‘sardines’ reserves hit record, reveals Glassnode

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A category of investors with less than one Bitcoin in their portfolios — known as “shrimp” or “sardines” investors, with reserves of less than one BTC — have added 96,200 BTC to their collective holdings since the collapse of exchange FTX in early November, an increase record.

According to analysis by blockchain analytics firm glassnode released this Monday (28), this group now holds more than 1.21 million BTCs, which is equivalent to 6.3% of the circulating supply of the world’s leading cryptocurrency.

Another category of smaller Bitcoin holders who took the opportunity to buy in this month’s drop are “crabs” or “sardines” investors – those holding less than one BTC stake.

This category of investors added a total of 191,600 BTC in the last 30 days, according to the on-chain data company.

For both “sardines” and “crabs”, November purchases also marked historic increases in balances, with the latter eclipsing the July 2022 peak of 126,000 BTC.

Bitcoin traded above $21,000 in early November. However, it dipped below $16,000—its lowest level in two years—last Monday, as the contagion unleashed by the FTX implosion quickly spread through the crypto space, affecting high-profile companies such as Genesis Global. , Gemini, and BlockFi.

The top cryptocurrency is changing hands at $16,240 on Monday, down 2% over the last 24 hours, according to CoinGecko.

Whales dump Bitcoin investments

By contrast, Bitcoin “whales”—those holding more than 1,000 BTC—are the main category that are partially offloading their Bitcoin holdings, sending around 6,500 BTC to cryptocurrency exchanges in the last 30 days.

While this may signal its readiness to sell, that amount is still dwarfed by a total of 6.3 million BTC, according to Glassnode.

It is also worth noting that a significant number of Bitcoin investors have opted for self-custody, as trust in centralized exchanges has recently dropped to new all-time lows.

according to sanctification said on Saturday, the supply of Bitcoin on exchanges has dropped to just 6.95%—levels not seen since 2018.

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