According to on-chain information, Bitcoin Whales appear to be stockpiling again lately, with their proportion of the overall supply increasing to approximately 6.9%.
Bitcoin Shrimps Now Buying At A Rate Of 17,600 BTC Per Month
In a fresh update on platform X, Glassnode, an analytics company that operates on the blockchain, has delved into the recent pattern observed in the Bitcoin holdings of tiny investors, often referred to as “Shrimps.” These Shrimps are individuals who possess less than one entire Bitcoin in their digital wallets.
The following chart, provided by an analytics company, illustrates the growth pattern of Bitcoin’s available supply over the last few years.
According to the graph, we can see that the current supply of Bitcoin Shrimp has risen significantly and now stands at approximately 1.36 million Bitcoins, accounting for roughly 6.9% of the total circulating supply of this digital asset.
For the first time, the metric is showing an upward trend instead of decreasing like before. This shift is particularly noticeable when considering the additional data provided by Glassnode – the Shrimp Supply Net Position Change on the graph.
This measurement monitors the total Bitcoin flowing in and out of wallets linked to the group known as Shrimps. As you can see from the chart, the signal became negative last year when Bitcoin was reaching its latest record highs in the cryptocurrency market.
Based on this trend, it seems that the Shrimps (investors) may have sold some of their earnings at peak prices. Given BTC’s recent shift towards a bearish trend since its peak, these investors appear to be restarting their purchases, which suggests they find the current prices attractive and potentially profitable.
Although some might think that small investors are lagging in the market, they’ve actually displayed shrewd investment behavior similar to big players recently. A striking example is their aggressive buying spree during the 2022 bear market bottoms.
As an analyst, I’ve noticed a notable uptick in our Net Position Change regarding the Shrimp Supply. This shift equates to approximately 17,600 BTC flowing into the associated wallets each month, a substantial influx that warrants attention.
Recently, there’s been renewed interest in Bitcoin spot exchange-traded funds (ETFs), as an analytical firm highlighted in a new post.
At the beginning of the year, Bitcoin spot ETFs saw minimal interest, but during the week starting January 6th, investments surged past $1.7 billion – a figure exceeding the $1.35 billion average recorded from October to December of the previous year.
BTC Price
Over the last 24 hours, Bitcoin has persisted with its downward trend, causing its value to fall to approximately $91,700.
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2025-01-14 14:41