According to data analyzed by Glassnode, Bitcoin (BTC) Shrimp has been actively accumulating digital assets over the past 30 days, adding 35,000 BTC to its portfolio. crypto slate.
Shrimp refers to wallets with less than 1 BTC, and the current accumulation rate is the fourth fastest in the history of the market. According to the data, their cumulative holdings are over 1.3 million BTC, representing more than 6% of his total supply of assets.
Bitcoin has been trading between $22,000 and $28,000 for almost the past 30 days, finding a range that is a good entry point for increasing holdings, so Shrimp has doubled its accumulation.
So far, the cohort has been very active in the last year when the market posted heavy losses. In December 2022, crypto slate reported that BTC shrimp accumulated 60,000 units of BTC within 30 days.
Are Current Issues in the US Driving People to BTC?
Meanwhile, shrimp BTC accumulation this year coincided with growing concerns of a banking crisis in the US. Last month, crypto-friendly banks such as Silicon Valley Bank and Signature Bank failed, raising fears of contagion to the US economy.
On top of that, there is also speculation that the US government is preparing to launch a Central Bank Digital Currency (CBDC), increasing regulatory measures, especially against the crypto industry.
Presidential candidate Robert Kennedy pointed this out in a tweet, saying that the imminent launch of “FedNow” is the government’s first step in banning Bitcoin. He said it could protect owners from the government’s overreaching CBDCs.
Separately, former Coinbase CTO Balaji Srinivasan predicted BTC has replaced the US dollar as the world’s reserve currency, adding that the US dollar is no longer too big to fail.
BTC shrimp absorption rate 108%
Looking at the annual absorption rate, the absorption rate of BTC shrimp was 108%.
Absorption rate is a metric used to measure the annual change in supply as a percentage of the total amount of coins issued. This means that the shrimp-held supply has grown by 108% of newly mined BTC over the past year.
Some analysts argue that shrimp accumulation is a good fit for the Bitcoin network as assets become more decentralized over time.
The post of Bitcoin Shrimp amassing 35,000 BTC in the last 30 days first appeared on CryptoSlate.
