As the senior analyst at CoinDesk, James specializes in Bitcoin and the macro environment. His previous role as a research analyst at Swiss hedge fund Saidler & Co. introduced him to on-chain analytics. He monitors ETFs, spot and futures volumes, and flows to understand Bitcoin.
Investors who hold less than one BTC continue to accumulate, as they have been doing for the past two months.
The 40,000-foot view tells us that the recent buying pressure has largely originated from the Nasdaq-listed Coinbase exchange, often considered a proxy for the stateside institutional activity. However, granular data reveals that small addresses – often referred to as"shrimps" – are actively boosting their coin stash as they chase the ongoing price rally.
The data challenges the narrative that whales are the smart money of the ecosystem. The feature image shows that whales have been selling into price strength, while retail has been buying the rally.When we aggregate the data from all cohorts, including miners, exchanges, and retail investors, over the past 30 days, it shows that all groups combined have accumulated a total of 26,000 BTC.
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