The Bitcoin shrimps and their holdings accumulation has been the talk of the town in various instances; recent data suggest their increasing activity.
According to recent blockchain data released by Glassnode, an on-chain analytics firm, Bitcoin shrimps have aggressively accumulated Bitcoin over the last 30 days. Figures reveal that they have managed to add a total of 60,000 Bitcoins to their portfolios over the specified period.
Shrimps is a commonly used word for wallets holding less than one Bitcoin. This group of retail investors has invested heavily in Bitcoin throughout the year. Their consolidated balance now stands at 1.2 million Bitcoins, roughly 6% of the total Bitcoin supply.
The graph below represents the net position of Bitcoin shrimps, and a closer look helps understand the accumulation values.
For the last 30 days, Bitcoin has mostly traded between $16,000 and $18,000. The asset’s price struggled immensely after the collapse of FTX, which triggered a contagion affecting other crypto entities like Genesis, BlockFi, and Midas.
Reportedly, the last time shrimps showed this kind of movement was in July when the asset was trading between $20,000 and $25,000. At that time, shrimps had also accumulated around 60,000 units of the asset.
Interestingly, the high accumulation rate among shrimps sharply contrasts with the massive distribution among whales. Todayq News reported retail investors currently hold about 17% of the total circulating Bitcoin. Moreover, the percentage of Bitcoin supply held by retail investors has increased steadily since 2011. Sources define “retail” as having less than 10 Bitcoins worth close to $169,000 in a wallet.
As per figures, Bitcoin whale investors had previously incessantly dumped their reserves. For whales, the current value of the flagship digital assets has many in bad shape, and they are selling to minimize losses.
However, as per the latest data, the whale investors have been slashing their dumps for the past 14 months, declining the prices in lockstep; however, the signs of reversal can be finally seen.
On a brighter note, some analysts opined that the accumulation of shrimp investors is good for the Bitcoin network. This is because the shrimp investors make the asset more decentralized over time.