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<p class="is-style-lead">In a bullish display of conviction, retail holders with less than 1 bitcoin, referred to as “shrimps,” are accumulating more coins than miners can issue every month, on-chain data shows.</p> 
<h2 class="wp-block-heading" id="strong-more-retailers-are-buying-and-holding-bitcoin-strong"><strong>More retailers are buying and holding bitcoin</strong></h2> 
<p>In a tweet, Glassnode’s lead analyst revealed that shrimps are stacking an average of 33,800 bitcoin (BTC) monthly.&nbsp;</p> 
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   <p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#Bitcoin</a> Shrimp (&lt; 1 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$BTC</a>) 🦐 are stacking sats at a rate of 33.8k <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$BTC</a> per month.<br><br>Issuance 🔵 is ~27.0k <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$BTC</a>/mth<br><br>For every 1 new coin, Shrimp are taking 1.25 off the market.<br><br>Crazy conviction on display. <a href="https://t.co/2n7BdwBuWw" target="_blank">pic.twitter.com/2n7BdwBuWw</a></p>— _Checkɱate 🔑⚡🌋☢️🛢️ (@_Checkmatey_) <a href="https://twitter.com/_Checkmatey_/status/1676498354359111681?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">July 5, 2023</a>
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<p>This surge of buying activity is noteworthy because it outpaces the monthly issuance of new bitcoin, which currently stands at 27,000 BTC.&nbsp;</p> 
<p>This means that the retailers effectively remove 1.25 BTC from circulation per every new coin issued, which points to high demand levels that may support prices.</p> 
<p> You might also like: <a href="https://crypto.news/robert-f-kennedy-jr-owns-up-to-250k-in-bitcoin-financial-records-show/"> Robert F. Kennedy Jr. owns up to $250k in bitcoin, financial records show </a> </p> 
<p>This accumulation pace surpasses that witnessed during the 2017 bull run and the post-FTX-panic period when Bitcoin’s price plummeted to a 4-year low of $15,500. </p> 
<p>Observers note that the current buying frenzy by shrimps represents the highest dollar-value accumulation since the peak of the bull market.</p> 
<p>While retail investors display steadfastness, miners have been contributing to selling pressure by offloading their coins on exchanges.&nbsp;</p> 
<p>Glassnode’s analysis reveals that miners are sending approximately $105 million worth of bitcoin to exchanges, marking one of the most significant USD-denominated transfers on record.</p> 
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   <p lang="en" dir="ltr">Following the ascension in spot price above the psychologically key $30K level, <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#Bitcoin</a> Miners have continued to send large clips of BTC to exchanges.<br><br>Currently, Miners are sending $105M to exchanges, the second largest USD denominated transfer on record. <a href="https://t.co/D0T9XxBfBY" target="_blank">pic.twitter.com/D0T9XxBfBY</a></p>— glassnode (@glassnode) <a href="https://twitter.com/glassnode/status/1675114348916637699?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">July 1, 2023</a>
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<h2 class="wp-block-heading" id="strong-accumulation-continues-as-bitcoin-s-dominance-stands-at-50-strong"><strong>Accumulation continues as bitcoin’s dominance stands at 50%</strong></h2> 
<p>The Glassnode analyst also&nbsp;<a href="https://twitter.com/_Checkmatey_/status/1676501383250612224" target="_blank" rel="noopener">shared</a>&nbsp;information on the activities of bitcoin “crabs.”&nbsp;</p> 
<p>Bitcoin crabs are holders of between 1 and 10 BTC. As data shows, these holders are also stacking more coins, adding approximately 22,400 BTC.&nbsp;</p> 
<p>Shrimps and crabs hold roughly 83% of all coins in circulation.</p> 
<p>Despite past market volatility, these smallholders are showing consistent efforts in holding, indicating a bullish sentiment toward the currency. This development has led to a milestone, the number of unique addresses holding over 1 BTC&nbsp;<a href="https://www.lookintobitcoin.com/charts/addresses-greater-than-1-btc/" target="_blank" rel="noopener">surpassed</a>&nbsp;1 million for the first time in May 2023.</p> 
<p>This accumulation comes when Bitcoin’s price has grown substantially, appreciating by 83% in 2023 and rising to as&nbsp;<a href="https://www.coinlore.com/coin/bitcoin" target="_blank" rel="noopener">high</a>&nbsp;as $31,000 by June 2023. At the same time, the coin’s dominance is around 50% of the total crypto market cap.&nbsp;</p> 
<p>Major investment firms like BlackRock want to expose their clients to the world’s largest coin by market cap.&nbsp;</p> 
<p>Although the United States Securities and Exchange Commission (SEC) has poured cold water on the possibility of approving a bitcoin spot exchange-traded fund (ETF), the involvement of traditional heavyweights like BlackRock and Fidelity is buoying confidence in the community.</p> 
<p> Read more: <a href="https://crypto.news/blackrock-files-new-bitcoin-etf-application-amid-secs-concerns/"> BlackRock files new bitcoin ETF application amid SEC’s concerns </a> </p>

Retailers buying more bitcoin than miners can supply

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