According to recent data from Glassnode, an on-chain analytics firm, it has been revealed that the supply of Bitcoin held by shrimps has continued to surge relentlessly. The shrimps are popularly defined as those holding less than 1 Bitcoin.
In its recent tweet, Glassnode suggested that the current count of Bitcoin residing with shrimps stands at about 1.31 million coins, marking an all-time high (ATH) for this particular group. Further, the data indicate a substantial monthly expansion of 26,000 coins, with only 202 trading days experiencing a larger monthly growth.
Notably, while the shrimps are aggressively accumulating, Glassnode’s data from Wednesday revealing “Bitcoin Accumulation Trend Score by Cohort” highlighted a significant shift in the behavior of other investor groups.
As per data, Bitcoin whales, which are the investors holding over 10,000 Bitcoin, have transitioned from a phase of intensive accumulation to one of balanced inflows and outflows.
Analysts suggest that such a change in strategy reveals that these players are diversifying their portfolios and engaging in more dynamic trading activities. As per sources, contrary to whales, other groups have shown a tendency to distribute their Bitcoin holdings. This collective behavior hints towards an overall regime of coin distribution across various investor groups.
Additionally, while the shrimps continue to accumulate Bitcoin, other groups are actively offloading their holdings, potentially taking profits or reacting to market conditions. Nonetheless, the current dynamics within the Bitcoin market highlight the diversity of investor sentiment and strategies.
The relentless rise in Bitcoin supply held by Shrimp Entities showcases their growing interest and participation in the cryptocurrency space. On the other hand, the shift in accumulation strategy among Whales, coupled with the distribution patterns observed across other cohorts, suggests a complex interplay of market forces and individual investment goals.
Simultaneously, according to another set of data published by Glassnode on their website, the Bitcoin exchange balance has fallen below 12%. Notably, this is the lowest value achieved since this was first achieved at the beginning of the year.
As the different cohorts have continued to accumulate the asset at their individual pace, the exchange outflow levels have continued to increase. In general, this is considered to be a bullish sign for the asset. As per data, currently, substantial coins are leaving exchanges which are equivalent to 12% approximately 2.3 million Bitcoin.
Analysts suggest that the black lines visible in the graph represent halvings, with the next halving approaching April 2024; this current halving is the first time we see a drop in exchange balance. Among the two largest crypto exchanges, Binance holds roughly 3.5% (686,000), while Coinbase holds 2.3% (461,000).
The outflow levels for Bitcoin have continued to maintain their traction in recent times. This week itself, Todayq News reported data from CoinShares which revealed that Bitcoin (BTC) experienced outflows of nearly $38 million, accounting for 80% of all outflows in digital asset investment products for the week.