Bitcoin shrimps have accumulated 60K BTC in the last 30 days

Hull Invest

Bitcoin (BTC) Shrimp has been actively accumulating Bitcoin over the past 30 days, adding a total of around 60,000 BTC to its portfolio, according to Glassnode data.

Source: Glassnode

Shrimp refers to wallets with less than 1 bitcoin. This group of private investors has invested heavily in his BTC throughout 2022. Currently, the accumulated balance has reached 1.2 million BTC, which is about 6% of his BTC supply.

Over the past 30 days, BTC has mostly traded between $16,000 and $18,000. BTC price is struggling following his FTX implosion that created an epidemic that has affected other crypto companies like Genesis, Blockphi and Midas.

The last time Shrimp showed this kind of confidence was in July when BTC was trading between $20,000 and $25,000. Shrimp also accumulated around 60,000 units of BTC at the time.

On the other hand, the high accumulation rate of shrimp contrasts with the mass distribution of whales. Bitcoin whales are selling assets at an unprecedented rate.

For whales, the current value of their flagship digital assets is often ill-formed and they are selling to minimize losses.

However, some analysts opined that shrimp accumulation is good for the Bitcoin network as assets become more decentralized over time.

Posted In: Bitcoin, Analysis

Leave a Reply

Your email address will not be published. Required fields are marked *