After January’s price correction, which seemed dramatic by many standards but par for the course for crypto traders, bitcoin"minnows" beganAll the while, the number of wallets with a bitcoin balance of 100-1,000 declined, suggesting a selloff by larger holders., these"minnows" also have a fierce appetite for pain and are hodling their crypto through some intense volatility and price compression even though their coins have yet to experience a breakout.
Glassnode notes that investors that bought the top, those active between August 2021 and January 2022, have seen prices plunge beneath their cost basis and have dumped bitcoin causing a “large scale redistribution of the bitcoin supply to new hands.”At the same time, Glassnode observes that those that purchased bitcoin in the last week of January — the minnows — are still hodling.
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