Bitcoin

According to data from Glassnode, an on-chain analytics firm, the smallest Bitcoin investor cohort i.e. shrimps have been aggressively accumulating. Data from the past months have suggested a similar accumulation pattern which persisted even in recent times.&nbsp;&nbsp;



In a recent tweet, Glassnode suggested Bitcoin shrimps have <a href="https://news.todayq.com/news/btc-shrimps-aggressively-accumulate-balance-on-exchanges-continue-to-decline/">maintained</a> their accumulation momentum and are currently recording a monthly increase of +24,600 Bitcoins. The shrimps are popularly defined as those holding less than 1 Bitcoin.&nbsp;



Notably, about 224/5226 (4.3%) trading days have recorded an expansion larger than the specified volume. Consequently, this has brought the supply held by shrimps to an all-time high (ATH) value which has been recorded at 1.31 million.&nbsp;



Source: Glassnode


Further, Glassnode pointed out that the intensity of shrimps’ accumulation can be anticipated from the fact that out of the specified 224 days, 160 have occurred across the last year alone.&nbsp;



Simultaneously, Glassnode published another set of data showing the classification of the supply distribution of Bitcoin. The tables show the comparison between the holdings from February 2021 to January this year.&nbsp;



The table below presents the statistics of increase and decrease in holdings over the past years. It is evident that the retail investors like shrimps, crabs and octopuses, and larger investors like sharks and humpbacks have increased their holding whereas as of January 2023, i.e. the whales, fishes and dolphins reduced it.&nbsp;



Source: Glassnode


Notably, the distribution across the miners have also decreased over the years. As of the latest data from Glassnode, currently Bitcoin miners are earning $1.7million in fee revenue. This marks an approximate <a href="https://news.todayq.com/news/bitcoin-miners-prepare-for-potential-sell-off-as-assets-decline-adding-to-market-pressure/">decline </a>of $16.1 million from the recent peak. However, Glassnode stated that this remains significantly elevated when compared to historical precedence, with only 310 / 4674 (6.7%) trading days recording greater fees.




At the peak of the BRC-20 frenzy, </a>




Notably, in recent times, while shrimps have continued their intensive accumulation they are not the only cohort to do so. As <a href="https://news.todayq.com/news/whale-exodus-continues-400-million-bitcoin-pulled-from-exchanges-fuelling-speculation/">reported</a> by Todayq News, the Bitcoin whales have also been enthusiastically looking forward to the asset.&nbsp;



As of writing, Bitcoin is trading at $27,919.60, marking a 0.55% drop from its value over the weekend. The asset’s price had risen to claim the $28,000 level as a <a href="https://news.todayq.com/news/bitcoin-bulls-roar-as-price-reclaims-28000-whales-accumulate-and-debt-ceiling-deal-looms/">result</a> of the aggressive accumulation and the positive news regarding the debt ceiling negotiations. This has amounted to over $118 million within the last 24 hours.
© Todayq News

Glassnode: BTC shrimps continue their intense accumulation, total holdings reach ATH

Todayq News

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