One’s death is another’s bread, it seems at the moment. The price of bitcoin (BTC) has gone down completely, but many small crypto investors are taking full advantage of this. According to dates from Glassnode it turns out that this group of investors is currently on a large scale buy bitcoin at a very attractive price.
Bitcoin remains interesting
Since the sharp decline in the bitcoin price started, the number of wallets holding 1 or more BTC has increased by more than 19,0000. That means there are currently 865,000 people who own more than 1 BTC. They also become wholecoiners named. The fact that this number is rising so fast today has everything to do with the current price of bitcoin.
An increase in the amount of wholecoiners was already visible from March, but especially when bitcoin fell below $30,000, relatively small wallets started buying new bitcoins on a large scale. In the past 10 days, since the market collapse to $30,000 on May 10, more than 14,000 wholecoiners have made their mark.
Also the wallet with only 0.1 or more BTC on the balance sheet are buying bitcoin on a large scale. This increase is so large that it almost seems as if this group of investors is putting almost all the money they have to spend in bitcoin every month.
Bitcoin whales are not yet participating
The big investors, also known as the whales mentioned, however, do not seem to be buying significant amounts of bitcoin yet. According to Glassnode The number of bitcoin whales with more than 100 BTC in their wallets has actually fallen by 136 in the same period that small investors were buying on a large scale.
What exactly will the implications of this be for the bitcoin price is not clear. In general, bitcoin whales have a disproportionately large influence over the price. If the whales also start buying bitcoin on a large scale, it could just be that a nice impulse will start.
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