Bitcoin ‘Shrimps’ Are Stacking Their Hardest Since 2017: Glassnode

Bitcoin (BTC)’s smallest holders are deploying money into the asset at a record pace this month, reflecting a sense of shared optimism across the Bitcoin market in 2023.
On-chain data shows that “shrimps” – Bitcoin addresses holding less than 1 BTC – haven’t accumulated this aggressively in nearly six years.
Small Holders Stack Their Sats
According to Lead Glassnode Analyst James Check on Twitter, shrimps are currently accumulating an average of 33,800 BTC per month. That’s more than the number of new BTC issued by the network each month, which is 27,000 BTC.
“For every 1 new coin, Shrimp are taking 1.25 off the market,” wrote Check. “Crazy conviction on display.”

In BTC terms, the fastest accumulation phase for shrimps remains the post-FTX-panic period, when Bitcoin’s price dropped to a 4-year low of $15,500. However, in dollar terms, Check noted that Shrimps are buying Bitcoin at the fastest rate seen since the peak of the 2017 bull market.
“Five years later, they are stacking harder, faster, and in a more sustained manner, despite all the bullshit,” he continued. “Bullish.”
Meanwhile, Bitcoin “crabs” – entities holdings between 1 and 10 BTC – are gathering an additional 22,400 BTC per month, making for another 83% of the mined supply. In May 2023, the number of addresses holding over 1 BTC surpassed 1 million for the first time.
Comparisons to mined supply are relevant for those who believe Bitcoin’s halving – an event that cuts Bitcoin’s supply issuance rate in half every four years – is chiefly responsible for the asset’s notorious 4-year price cycle.
The next halving occurs in April 2024 – though some analysts don’t believe it will necessarily catalyze another bull market.
Bitcoin’s Bullish Indicators
In prior reports this year, Glassnode analysts have pointed to an “ongoing transfer of wealth from investors with high time preferences towards HODLers.” According to the firm, over 50% of all BTC in circulation hadn’t changed hands in over two years as of this April.
Bitcoin’s price may be reflecting some of these shifting undercurrents, having appreciated 83% this year, and reclaimed crypto market dominance above 50%.
Analysts are granting the market significant odds of getting a Bitcoin Spot ETF past the U.S. Securities and Exchange Commission (SEC) this year, which is expected to welcome more money into the asset.
The post Bitcoin ‘Shrimps’ Are Stacking Their Hardest Since 2017: Glassnode appeared first on CryptoPotato.

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