After enjoying a profitable first half of the year, the crypto market is on the cusp of entering the second half with a bearish outlook. Bitcoin and Ethereum have broken their short-term bullish structure on the macro time frames and now face further downside in the coming weeks.
Additionally, an increased crypto regulatory crackdown in the United States is expected to lead to further bleeding in the altcoin industry as liquidity stabilizes. Furthermore, the Bitcoin dominance has surged to a two-year high of approximately 49 percent in recent days.
Related: Bitcoin Dominance To Double Amid Regulatory Clarity – Predicts Michael Saylor – Coinpedia Fintech News
Having established itself as a four-year cycle market, the crypto industry is undoubtedly preparing for next year’s Bitcoin halving, which is anticipated to kickstart a fresh bull rally. In light of this, Bitcoin’s long-term investors have accelerated their accumulation rate despite the prevailing bearish sentiments.
Bitcoin “Shrimps, Crabs, and Fish”
According to an on-chain analysis provided by Glassnode, Bitcoin wallets holding less than 100 coins, known as Shrimps, Crabs, and Fish, are adding to their balance at a rate that is 248 percent higher than the amount freshly minted by miners.
Similarly, Bitcoin investors with accounts holding between 100 and 1,000 coins, popularly referred to as sharks, have been accumulating at a rate of 38 percent from freshly minted coins.
BTC Withdrawals Surge Amid SEC Concerns
The possibility of the United States Securities and Exchange Commission (SEC) successfully freezing Binance US assets has expedited the withdrawal of BTC to non-custodial wallets. Aggregate data provided by Coinglass reveals that more than 17,600 Bitcoins have been withdrawn from exchanges in the past seven days.
