• Bitcoin (BTC) shrimps have added 35,000 BTC to their portfolios in the last 30 days, according to Glassnode data.
• This aggressive accumulation rate is the fourth fastest in the market’s history and their total holdings has surpassed 1.3 million BTC.
• The cohort was very active last year when the market recorded substantial losses and it coincided with increased fears of a banking crisis in the United States.
Bitcoin Shrimps Accumulate 35k BTC
Bitcoin (BTC) shrimps aggressively accumulated the digital asset in the last 30 days, adding 35,000 BTC to their portfolios, according to Glassnode data analyzed by CryptoSlate.
Shrimp Holding at 6% of Total Supply
Shrimps refer to wallets with less than 1 BTC, and their current accumulation rate is the fourth fastest in the market’s history. According to the data, their cumulative holding has surpassed 1.3 million BTC — equating to over 6% of the asset’s total supply.
Good Entry Point for Accumulators
With Bitcoin mostly trading between $22,000 to $28,000 in the last 30 days, shrimps doubled their accumulation as they have found this range a good entry point for increasing their holdings.
Effect of US Banking Crisis on Bitcoin
The shrimp bitcoin accumulation coincided with increased fears of a banking crisis in the United States. During past month crypto-friendly banks like Silicon Valley Bank and Signature Bank collapsed leading to fears of contagion for US economy.
. Besides that there are also speculations that US government was preparing to launch a central bank digital currency (CBDC), especially with its increased regulatory actions against crypto industry.
Conclusion
.The absorption rate is a metric used to measure th elevel of demand from investors; currently shrimps‘ absorption rate stands at 108%. It appears that people may be turning towards bitcoin as an alternative form of investment due to instability within traditional financial systems.