Small-scale Bitcoin holders aggressively stacking Sats

quick take

CheckMate, Distinguished Analyst glass node, recently shed light on the fascinating behavior of Bitcoin “shrimp”. These small holders have less than 1 Bitcoin in their respective portfolios and are actively accumulating satoshi.

To put it into perspective, these “shrimp” are accumulating about 33.8,000 Bitcoins (BTC) each month. By comparison, the average monthly bitcoin supply is around 27.0,000 BTC. This data essentially means that for every newly minted bitcoin, the “shrimp” cohort is taking 1.25 of his bits out of the market.

Moreover, when scrutinizing the distribution of bitcoin holdings across different cohorts, the “crab” group piques our interest. Overall, the club owns almost 11% of the bitcoin supply, despite its relatively small number of holders. This percentage has exceeded the holdings of Bitcoin miners and is rapidly approaching the holdings of exchanges.

cohort % supply
shrimp 6.80%
crab 10.80%
fish 16.90%
shark 20.00%
whale 34.20%
exchange 11.60%
miner 9.40%

Total supply: (Source: Glassnode)

Finally, the supply of Bitcoin held on exchanges is steadily declining. The “whale” cohort, i.e. the large Bitcoin holders, shows a similar trend. Their current holdings stand at just 34%, the lowest total percentage ever observed.

These changes in Bitcoin ownership across different populations create fascinating dynamics within the Bitcoin market.

Entity Balance Advantage: (Source: Glassnode)

An article titled “Small Bitcoin Holders Are Aggressively Stacking Satellites” first appeared on CryptoSlate.

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