- Data reveals that BTC “shrimps”—wallets holding over one Bitcoin—have consistently accumulated the asset over time, now controlling a notable portion of its supply.
- BTC’s price trajectory also mirrors the 2017 rally cycle, which saw the asset experience significant upward momentum.
Over the past 24 hours, the market has shown signs of recovery, with Bitcoin’s [BTC] market capitalization increasing by 1.44% to $1.88 trillion, accompanied by a remarkable 144.37% surge in trading volume.
This recent movement has limited BTC’s losses over the past week and month to within a 6% drawdown range.
Historical patterns suggest that BTC remains positioned for a potential surge, as investors continue to steadily accumulate the asset.
BTC investors pave the way for further growth
According to data from Glassnode, after a period of heavy distribution—marked by significant BTC selling as the asset approached its all-time high of $108,353—BTC “shrimps” have resumed accumulation.
In this context, “shrimps” refer to wallet addresses holding more than one BTC.
The data reveals that this cohort has significantly increased their holdings, accumulating an average of 17,600 BTC monthly. This brings their total share to 6.9% of the circulating BTC supply.
Source: Glassnode
This accumulation trend indicates a potential bullish outlook for the market, as investors continue to build their positions despite recent volatility.
A closer analysis suggests that the recent shakeout could be part of a broader setup for an impending bull run, closely resembling the 2017 rally.
BTC mirrors 2017 rally with similar market moves
Recent data suggests that Bitcoin’s current market cycle is closely mirroring the trajectory of its 2017 bull run.
The analysis tracks BTC’s price movement during post-halving periods—a phase when miners’ rewards are reduced.
Source: X
This comparison reveals that BTC has consistently followed a similar pattern. If this trend continues, BTC could significantly surpass its current All-Time High(ATH).
However, while the overall trajectory aligns with 2017, there have been occasional divergences in the price movement.
Ongoing buying activity signals bullish momentum for BTC
According to CryptoQuant’s Binary Coin Days Destroyed (Binary CDD), an indicator that tracks Long-Term Holder (LTH) activity based on binary values of 1 and 0, BTC holders are showing renewed confidence in the asset.
A reading of one indicates LTHs are moving their assets, potentially for selling, while 0 reflects confidence, with holders opting to retain their BTC.
As of press time, BTC’s Binary CDD stood at zero, signaling that long-term holders were accumulating rather than selling.
Source: CryptoQuant
The derivatives market is also reflecting bullish sentiment. The funding rate, which turned positive, has climbed to its highest level in four days. It rose from approximately 0.00393 on the 10th of January to 0.0124, at press time.
This is the highest rate since the 2nd of January.
Read Bitcoin (BTC) Price Prediction 2025-26
With ongoing buying activity in the perpetual market, long-term holders maintaining their positions, and gradual accumulation by investors over recent months, BTC appears poised for a bullish rally.
