The idea that panic selling is driving BTC price losses appears less watertight on the back of the latest data.
Everyone expects another Bitcoin (BTC) capitulation event, but data suggests that mass buying has already started.In a Twitter thread on June 29, Checkmate, lead on-chain analyst at data firm Glassnode, drew attention to who in Bitcoin is really stacking sats.Shrimp or whale, Bitcoin hodlers are stacking satsBitcoin selling has made the headlines for weeks, and has even begun to include long-term holders (LTHs) — those who have been guarding their coins for 155 days or more.Speculators are not taking the blame for current BTC price weakness, but contrary to popular opinion, many market participants are in fact adding to their BTC allocations.Dissecting Glassnode data, Checkmate revealed that the smallest and largest players are both in buy-mode at around $20,000.Spitting the hodler base into four sections: “shrimps,” “crabs (otherwise known as classic hodlers),” “sharks” and whales, the figures make for surprising readinGBoth shrimps and crabs, the smallest retail investors with 10 BTC or less in their wallets, are not only stacking, but doing so more intensely than at any time since the first time that BTC/USD hit $20,000 in 2017.“Can't stop and won't stop,” Checkmate wrote describing the accumulation action.
