Bitcoin Shrimps Now Hold 6.7% Of The Entire Circulating Supply
According to data from the on-chain analytics firm , the BTC shrimps have added 1.78% of the cryptocurrency’s supply to their holdings since the LUNA crash last year. The relevant indicator here is the “Entities Supply Distribution,” which measures the total percentage of the Bitcoin supply that each entity group in the market is currently holding.The “shrimps” are holders with less than 1 BTC in their wallet balances. This means that this cohort includes all entity groups in the 0 to 1 range (to be more precise, four groups satisfying this condition: less than 0.001, 0.001 to 0.01, 0.01 to 0.1, and 0.1 to1).
The values of these metrics seem to have been rising in recent days | Source:As displayed in the above graph, the percentage of the total Bitcoin circulating supply held by the shrimps has notably increased during the past year or so. As a whole, these investors now hold 6.7% of the entire BTC supply.
The chart shows that the first of these was the LUNA collapse back in May 2022, while the second one was the 3AC bankruptcy, which took place only a few weeks later. The most significant effect appears to have been from the FTX crash back in November, as the supply held by these holders rapidly rose shortly after it occurred.
Accumulation from retail investors can be constructive for the Bitcoin market in the long term as it represents growth in the adoption of the cryptocurrency. Adoption generally provides a solid foundation for the sector, on which later price moves can sustainably lift off from.BTC Price
At the time of writing, Bitcoin is trading around $29,300, up 2% in the last week.Looks like the value of the cryptocurrency has plunged during the past day | Source: