Bitcoin Shrimps Accumulating More Coins Than Miners Can Issue
Bitcoin retail holders with less than 1 bitcoin, known as “shrimps,” are accumulating more coins than miners can issue each month, according to on-chain data. Shrimps are stacking an average of 33,800 bitcoin (BTC) monthly, which is higher than the current monthly issuance of new bitcoin at 27,000 BTC. This high demand results in the removal of 1.25 BTC from circulation for every new coin issued, suggesting strong support for prices. This level of accumulation surpasses the 2017 bull run and post-FTX-panic period. Meanwhile, miners have been selling their coins on exchanges, contributing to selling pressure.
Key Points:
– Shrimps are stacking 33,800 BTC per month, surpassing monthly issuance of 27,000 BTC.
– Accumulation pace is the highest since the peak of the bull market.
– Miners are sending $105 million worth of bitcoin to exchanges, a significant USD-denominated transfer.
– Bitcoin crabs (holders of 1-10 BTC) are also accumulating more coins, adding approximately 22,400 BTC.
– Shrimps and crabs hold roughly 83% of all coins in circulation.
Hot Take:
Bitcoin retail holders are displaying strong conviction and accumulating more coins than miners can issue. This level of accumulation suggests a bullish sentiment towards the currency and potentially supports higher prices. The involvement of major investment firms like BlackRock and Fidelity adds to the confidence in the Bitcoin community, despite the SEC’s hesitation towards approving a bitcoin spot ETF.
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