Bitcoin Price Rally Is Powered By Shrimp Wallet: Report

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Bitcoin Price Rally Powered by Shrimp Wallets: Report – Crypto News

Published

2 years ago

November 17, 2023

Dripp

Bitcoin price has shown a whopping uptrend since last month, leading to breaking the $37.5K mark. The upsurge could be seen floating more due to speculation about a spot bitcoin ETF approval. Right after BlackRock’s spot Bitcoin ETF filing, the industry has seen a large number of applications submitted to the US Securities and Exchange Commission (SEC) for ETF approval.

While none approved yet, the FOMO traveled across the market and resulted in Bitcoin’s network activity going berserk within just a couple of months. The current Bitcoin price movement is evident that whales are not alone moving the market.

Tons of Small Wallets Fueling Bitcoin Price

Whales have always been classified as manipulators to alter Bitcoin price fluctuations. However, the network has recorded multiple shrimp wallets to contribute to the Bitcoin price hike.

On-chain analytics platform Santiment’s data reveals a notable influx of new, smaller wallets (shrimps) containing less than 1 BTC. The surge in these smaller wallets suggests increased participation from retail investors and potentially indicates a broadening base of Bitcoin ownership.

Contrary to the surge in smaller wallets, the 1-100 BTC tier has experienced a flattening in its growth. This tier, which typically represents a mix of retail and institutional investors, shows a stabilization in wallet activity.

Additionally, the analysis suggests that the 100+ BTC tier, representing larger institutional or high-net-worth investors, may be engaged in profit-taking activities, hence triggering Bitcoin price to go upstairs.

Also Read: WisdomTree Revises Spot Bitcoin ETF; SEC May Delay Comments: Bloomberg Analyst

FOMO Surrounding Spot Bitcoin ETF Approval

As more and more firms push the rock towards the SEC, the chances of a spot bitcoin ETF’s approval are getting on the edge.

On Thursday, Nov 16, WisdomTree, a worldwide exchange-traded fund (ETF) provider, submitted an amended Form S-1 spot Bitcoin ETF prospectus with the US Securities and Exchange Commission (SEC).

According to the updated prospectus, WisdomTree spot Bitcoin ETF will trade under the ticker code BTCW, with Coinbase Custody Trust functioning as the custodian and holding all of the trust’s Bitcoin on its behalf.

Taking a dig into the same, Bloomberg ETF analyst James Seyffart said that “there’s nothing critical” on his X (formerly Twitter) account. “Everyone has to do the same in order to issue an ETF,” Seyffart alluded. Along with that, Seyffart also flashed light on the approaching deadline for the spot bitcoin ETFs including Franklin Templeton’s spot bitcoin ETF filing.

BTC price currently trades at $36,364, down more than 2% in the last 24 hours due to Friday’s expiry and ETHBTC ratio turning green after BlackRock Ethereum ETF.

Also Read: SEC Veteran Slams Blockchain Ease of Tracking Illicit Fund Narrative