Bitcoin shrimps have accumulated 60K BTC in the last 30 days Oluwapelumi Adejumo · 19 seconds ago · 1 min read
Several analysts argue that shrimp accumulation is good for the Bitcoin network because it makes the asset more decentralized over time.
Cover art/illustration via CryptoSlate
Bitcoin (BTC) shrimps aggressively accumulated Bitcoin in the last 30 days — adding a total of roughly 60,000 BTC to their portfolios, according to Glassnode data.
Shrimps refer to wallets holding less than one Bitcoin. This group of retail investors has invested heavily in BTC throughout 2022. Their cumulative balance now sits at 1.2 million BTC — roughly 6% of BTC’s supply.
During the last 30 days, BTC mostly traded between $16,000 and $18,000. BTC’s price has struggled following FTX’s implosion, which birthed a contagion that has affected other crypto firms like Genesis, BlockFi, and Midas.
The last time shrimps showed this kind of conviction was in July when BTC was trading between $20,000 and $25,000. At the time, shrimps accumulated around 60,000 units of BTC as well.
Meanwhile, the high accumulation rate among shrimps sharply contrasts with the massive distribution among whales. Bitcoin whales have been selling off their assets at an unprecedented rate.
For whales, the current value of the flagship digital assets has many in bad shape, and they are selling to minimize losses.
However, some analysts opined that shrimp accumulation is good for the Bitcoin network because it would make the asset more decentralized over time.