Bitcoin addresses with balances of up to 10 BTC amid the collapse of FTX have accumulated a record amount of the first cryptocurrency.
An optimistic mood reigns among retail BTC investors. Glassnode analysts’ data show this, according to which Bitcoin addresses with balances of up to 1 BTC have accumulated a record 1.21 million BTC (~$20 billion) or 6.3% of the first cryptocurrency’s total issuance volume.
This happens during a bear market and the FUD effect triggered by the FTX Group crisis. Analysts note that such investors added 96,200 BTC (~$1.6 billion) to their portfolios after the collapse of the SBF structure.
Bitcoin addresses with a balance from 1 to 10 BTC are also increasing their investments in the first cryptocurrency. Over the past 30 days, the total balance of such addresses increased by 191,600 BTC (~$3.1 billion), which is also an all-time high. This group of investors set the previous record in July 2022 — at that time, the total balance growth was 126,000 BTC.
Significant changes in the accounts of large investors, whose balance exceeds 1,000 BTC, were not recorded. They sent about 6,500 BTC (~$107 million) to exchanges, but continue to keep more than 6.3 million BTC (~$104 billion).
Analysts note the abnormal behavior of users in the current market situation. However, at the same time, investors’ behavior demonstrates their trust in BTC. This attitude to the first cryptocurrency is partly confirmed by the IRCI survey conducted in Australia, according to which Bitcoin is the most recognizable cryptocurrency brand and causes optimistic forecasts among most users.
In addition, the growth of retail investors’ wallet balances may be partly related to the mass outflow of BTC from the accounts of centralized cryptocurrency exchanges, which was an expression of the community’s loss of confidence in such platforms after the bankruptcy of FTX. Attempts by the management of exchanges to regain users’ trust with the help of proving reserves have so far had no effect, with their credibility raising doubts, including among the expert community.
