- Bitcoin Shrimps’ 33k BTC accumulation signals impending bull run.
- Miners sell as retail investors stack, hinting at a market shift.
In the face of recent market volatility and downward pressure on Bitcoin’s price, a remarkable trend has emerged among retail investors, affectionately dubbed the ‘shrimps.’ The Shrimps who possess less than 1 BTC each, have been steadfastly accumulating the king coin at an impressive rate of 33,800 BTC per month.
The analysis was conducted by Glassnode, a prominent blockchain analytics firm. It shed light on the increasing conviction displayed by these retail investors. Interestingly, for every new coin minted, the shrimps are effectively removing 1.25 BTC from circulation. It highlights their determination to acquire and hold onto Bitcoin.
Moreover, the crabs, are a category of investors holding between 1 and 10 BTC. They have also been actively accumulating Bitcoin, stacking approximately 22,400 BTC per month. Combined, the shrimps and crabs account for an astonishing 83% of the newly mined supply.
#Bitcoin Shrimp (< 1 $BTC)are stacking sats at a rate of 33.8k $BTC per month.
Issuanceis ~27.0k $BTC/mth
For every 1 new coin, Shrimp are taking 1.25 off the market.
Crazy conviction on display. pic.twitter.com/2n7BdwBuWw
— _Checkɱate
(@_Checkmatey_) July 5, 2023
Bitcoin Owns the Crown Forever?
While retail investors exhibit steadfastness, other market participants are contributing to the selling pressure. Notably, miners, who historically played a crucial role in supporting the market during bull runs. It has been increasingly offloading its coins on exchanges. Glassnode’s analysis reveals that miners are currently sending around $105 million worth of BTC to exchanges. It marked the second-largest USD-denominated transfer on record.
Notably, CZ Binance, the CEO of Binance, the largest cryptocurrency exchange, acknowledged the principle of supply and demand in a retweet of the analysis. The continued accumulation by investors against the backdrop of increased selling from miners underscores the delicate balance between supply and demand.
Summing up, while miners fuel selling pressure by offloading their coins, the shrimps and crabs of the Bitcoin world continue their resolute accumulation. These retail investors’ conviction reflects a belief in Bitcoin’s potential, providing a testament to the enduring strength which can pull an anticipated bull run.
