David Alexander II
David Alexander II 3 minutes reading from Bitcoin

Why Retail Still Buying $BTC Despite Fears of Financial Heat

1/🧵 A few interesting observations about recent BTC wallet activity. Despite FTX/Alameda fallout and Genesis/DCG/GBTC on the precipice of doom, there has been some pretty interesting trends forming:

2/🧵 Wallet addresses with >=10,000 BTC jumped considerably (+22%) right around the time of these headwinds, moving from about 100 total wallets in October to 122 in November. While the sample size is small, this means that at least 22 new entities now hold ~165M+ of BTC

3/🧵 On the other end of the spectrum, wallets with >=0.01 BTC have trended up all year, spiking around the time of the recent fallout. Overall we went from 10.7M wallets in OCT to 11.2M in NOV, a net change of about +500,000. This represents the largest monthly net increase YTD

4/🧵 A similar pattern emerged with wallets with 1>= BTC, jumping from about 900,000 in October to over 950,000 in November. Again, this represents the largest monthly net increase YTD

5/🧵There were similar patterns for wallets with 10>= BTC, with a monthly net change of about +2,000 wallets

6/🧵While other larger positions such as 100>= (pictured) and 1000>= trended downward, the net change was not very significant (generally less than 3%).

7/🧵 A few key takeaways: the spike in smaller wallet balances suggests that retail is still actively buying BTC, perhaps trying to time the market. The increase in larger wallet balances suggests that there are large (perhaps institutional) entities increasing their positions

This post is based on this twitter thread.


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