Emily Walker
Recent on-chain data indicates that Bitcoin Shrimps have resumed their accumulation efforts, with their share of the total Bitcoin supply increasing to 6.9%.
Bitcoin Shrimps Accumulating 17,600 BTC Monthly
According to a recent update from the analytics firm Glassnode on X, the supply held by Bitcoin Shrimps is on the rise. “Shrimps” are defined as market participants who hold less than one full Bitcoin.
The following chart illustrates the trend in Bitcoin Shrimp Supply over the past few years.
The graph shows a recent increase in the supply held by Bitcoin Shrimps, now totaling approximately 1.36 million BTC, which accounts for about 6.9% of the overall circulating supply.
This recent uptick marks a shift in trend, moving away from a previous decline. Glassnode has also included a second metric that clearly demonstrates this change: the Shrimp Supply Net Position Change.
This metric monitors the net flow of BTC into or out of Shrimp wallets, revealing that the indicator turned negative last year when Bitcoin was peaking at new all-time highs.
This suggests that Shrimps may have taken profits during that high price period. Now that Bitcoin has entered a bearish phase, these investors appear to be returning to buy, viewing current prices as an attractive opportunity.
While small investors might seem slow to react, they have exhibited intelligent investing behavior in recent times, notably during the bear market lows of 2022 when they consistently accumulated BTC.
Since their return to buying, the Net Position Change for Shrimp Supply has escalated significantly, indicating an inflow of 17,600 BTC per month into their wallets, which is notable.
In other updates, demand for Bitcoin spot exchange-traded funds (ETFs) has rebounded over the past week, as highlighted in another post from Glassnode.
After experiencing low demand at the start of the year, Bitcoin spot ETFs saw inflows reach $1.7 billion in the week beginning January 6th, exceeding the $1.35 billion average seen from October to December of the previous year.
Current BTC Price
Bitcoin continues to follow a bearish trend, and its price has decreased to $91,700.