Bitcoin Investors Holding Less Than 10 BTC Aggressively Accumulates Amid Bearish Sentiments

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Bitcoin price secured a bullish outlook after Thursday’s daily candlestick closed above $29.3k. Although the daily Relative Strength Index (RSI) shows a falling divergence, all focus is on Bitcoin’s performance in the next few days. Whereby the most bullish question is whether the asset can secure a breakout above $31k. 

Notably, Bitcoin investors are waiting for next week’s high-impact news from the United States including the FOMC statement. In this regard, as the Fed steps in to save the First Republic Bank, which has seen its deposits shrink significantly YTD and the stock market plummet more than 95 per cent, Bitcoin investors remain extremely bullish on its long-term success.

Bitcoin Holders Aggressive Accumulation 

According to a Bitcoin report posted on Twitter by a lead on-chain analyst at Glassnode, @_Checkmatey_, Bitcoin holders with less than 10 BTC in their balance have continued to aggressively accumulate the top digital asset amid the bear market. Reportedly, Bitcoin investors with less than 1 BTC in their balance have aggressively accumulated in the past 12 months. 

“These crazy HODLers are still acquiring coins at a rate of 28k $BTC per month. The last 12 months has been the largest Shrimp balance expansion in history, and they appear to get aggressive during sell-off opportunities,” the analyst noted.

Interestingly, the Bitcoin shrimps increased their coin accumulation rate since the FTX and Alameda Research implosion.

Meanwhile, Bitcoin holders with a balance of between 1 and 10 coins also intensified their accumulation in the recent few months.

Price Action

 Bitcoin price has gained more than 76 per cent YTD to trade around $29.2k on Friday. The top digital asset is, however, still under the influence of a weekly death cross between 50 and 200 MAs. From the short-term perspective, Bitcoin price has to break out of a falling trend on the four-hour chart to invalidate a bearish outlook.