Bitcoin Shrimps Accumulated Bitcoin During Bear Market Crashes
A recent post by Glassnode’s lead on-chain analyst, @_Checkmatey_, discusses the evolving behavior of small Bitcoin investors, known as “shrimps,” during this cycle. Shrimps are investors who hold less than 1 BTC in their wallets. The shrimp “net position change” is used to track the monthly increases or decreases in their combined supply. On-chain data reveals that these shrimps have been accumulating Bitcoin during bear market crashes, even surpassing the monthly supply of miners. They have also continued to accumulate throughout the bear market lows and the recent rally. Currently, shrimps hold 1.35 million BTC, equivalent to 6.9% of the circulating supply. This reversal in behavior suggests that these small investors are becoming more attentive and adaptive.
Glassnode’s lead believes that this chart demonstrates the success of Bitcoin education efforts.
BTC Price Stuck in Consolidation
Bitcoin’s price has been consolidating tightly around the $25,600 mark for the past few weeks. There are no indications of a significant change in the near future.
Hot Take: Bitcoin Shrimps Showing Smarter Behavior, Accumulating During Bear Markets
On-chain data suggests the smallest of Bitcoin investors, known as “shrimps,” have been showing smarter behavior during this cycle. These investors, who hold less than 1 BTC, have been accumulating Bitcoin during bear market crashes, surpassing the monthly supply of miners. They have also continued to accumulate throughout the bear market lows and the recent rally. Currently, shrimps hold 1.35 million BTC, equivalent to 6.9% of the circulating supply. This reversal in behavior indicates that these small investors are becoming more attentive and adaptive. This trend demonstrates the success of Bitcoin education efforts. Bitcoin’s price has been consolidating around the $25,600 mark with no significant changes anticipated in the near future.
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