Bitcoin Humpback Wallets Reach ATH, Is BlackRock Behind The Surge? – NewsBTC


A recent development has caught the attention of on-chain analysts and Bitcoin enthusiasts alike. On-chain expert Axel Adler Jr, citing data from CryptoQuant, has revealed that wallets belonging to the ‘Humpback’ cohort, have reached a new all-time high (ATH).
This surge has raised speculation about the involvement of institutional giants such as BlackRock or Fidelity. Remarkably, not only humpback but also shrimps are currently displaying a historical high conviction.
The term ‘Humpback’ refers to a specific cohort of wallets within the cryptocurrency ecosystem that hold an impressive amount of Bitcoin, surpassing the 5,000 BTC mark. The recent surge in these wallets reaching an ATH indicates a significant level of accumulation and activity within the crypto market.
According to Axel Adler Jr, “The number of wallets in the ‘Humpback’ cohort with a balance of over 5,000 BTC has shown a new ATH. Is this BlackRock, Fidelity, or other giants?” The mystery surrounding the identity of these major players has piqued curiosity and speculation about their motivations and impact on the market.
From the on-chain data alone, it is not possible to determine which entity commenced the accumulation of BTC. However, the temporal connection with the ETF applications is striking. Regardless of the actual entity, a whale accumulation can be interpreted as a positive sign for the price. In this vein, expert Will Clemente recently stated:
Even if Blackrock/Fidelity refile and the ETFs still get rejected by Gary, the cat is out of the bag — institutions want your Bitcoin and are looking to get a piece of this market.
It is worth noting that Bitcoin’s whale & shark addresses (different cohorts combined, wallets with 10 to 10,000 BTC) have continued to accumulate, with a big chunk of BTC buying coming in the last 2 weeks of June as news of ETF launches came out. On-chain-data provider Santiment tweeted on July 1 that the aforementioned cohorts have accumulated 154,500 BTC in the last week of June alone.
While the activity by Humpback wallets is astonishing another intriguing cohort known as the ‘Shrimps’ has also come into focus. Lead analyst of Glassnode, Checkmate highlighted today the enthusiasm displayed by the Shrimp cohort in stacking sats (satoshi, the smallest unit of Bitcoin) at an astonishing rate.
He states, “Bitcoin Shrimp (< 1 $BTC) are stacking sats at a rate of 33.8k $BTC per month. Issuance is ~27.0k $BTC/month. For every 1 new coin, Shrimp are taking 1.25 off the market. Crazy conviction on display.”
The Shrimp cohort, consisting of smaller Bitcoin holders, showcases an incredible conviction and sustained buying behavior despite market fluctuations. As Checkmate points out, “The last time the little guy stacked this hard was 2017 ATH, buying the top. Five years later, they are stacking harder, faster, and in a more sustained manner, despite all the bullshit. Bullish.”
The simultaneous rise of both the Humpback and Shrimp cohorts signifies a captivating dichotomy within the ecosystem. On one hand, the Humpback wallets, with their massive holdings, hint at the potential involvement of institutional giants like BlackRock or Fidelity. Their accumulation of Bitcoin could serve as a catalyst for increased adoption and market confidence.
On the other hand, the resilience and conviction displayed by the Shrimp cohort highlight the broader appeal and democratization of BTC. Despite previous market downturns, the Shrimp class remains undeterred, stacking sats at an unprecedented pace and demonstrating unwavering belief in the long-term potential of Bitcoin.
At press time, the BTC price continued to hover below the $31,000 mark, trading at $30,728.
Jake Simmons has been a Bitcoin enthusiast since 2016. Ever since he heard about Bitcoin, he has been studying the topic every day and trying to share his knowledge with others. His goal is to contribute to Bitcoin’s financial revolution, which will replace the fiat money system. Besides BTC and crypto, Jake studied Business Informatics at a university. After graduation in 2017, he has been working in the blockchain and crypto sector. You can follow Jake on Twitter at @realJakeSimmons.
NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.
We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.
© 2023 NewsBTC. All Rights Reserved.
© 2023 NewsBTC. All Rights Reserved.


Leave a Reply

Your email address will not be published. Required fields are marked *