The world’s largest cryptocurrency Bitcoin (BTC) has once again restored its price above $30,000 levels. As of press time, Bitcoin is trading 2.56% up at a price of $30,234 and a market cap of $585 billion.
The Bitcoin price currently continues to oscillate in the support and resistance range between $29,500 and $32,500 respectively. Amid the current price action, both BTC shrimps, as well as BTC whales, have continued accumulating at different price levels.
The Bitcoin shrimps i.e. the investor cohort holding less than 1 BTC have registered a meaningful growth in their on-chain balances. Also, after the collapse of the Terra ecosystem, there’s also a clear shit in the accumulation behavior of shrimps.
Retail participants have accelerated their absorption of Bitcoins. Simultaneously, they have also increased the relative share of the total circulating supply by 1.78%.
On the other hand, the Bitcoin whales cohort i.e. addresses holding between 100-1k BTC are back in accumulation after dumping for months together. Just over the last two days, this cohort has added more than 20,000 Bitcoins to their kitty.
Bitcoin hodlers have demonstrated the characteristics of diamond hands, while holding their supplies firmly. Although the BTC price has jumped by more than 80% in 2023 so far, there’s no significant uptick in the older coins being spent.