Quick Take

CheckMate, a noted analyst from Glassnode, recently shed light on the fascinating behavior of Bitcoin ‘shrimps.’ These small-scale holders, each with less than one Bitcoin in their portfolio, are aggressively accumulating satoshis.

To put it in perspective, these ‘shrimps’ are collectively stacking approximately 33.8k Bitcoin (BTC) monthly. To compare, the average monthly Bitcoin issuance is approximately 27.0k BTC. This data essentially means that for every newly minted Bitcoin, the ‘shrimp’ cohort is taking 1.25 off the market.

In addition, when we scrutinize the distribution of Bitcoin holdings across different cohorts, the ‘crab’ group piques our interest. Despite being relatively small holders, Crabs collectively own nearly 11% of the Bitcoin supply. This percentage surpasses the holdings of Bitcoin miners and is rapidly nearing the quantity held in exchanges.

Aggregate Supply: (Source: Glassnode)

Lastly, the supply of Bitcoin held in exchanges has been experiencing a steady decline. The ‘whale’ cohort, or large Bitcoin holders, also shows a similar trend. Their current holdings sit at a low of 34%, the smallest aggregate percentage observed to date.

These shifts in Bitcoin ownership across different cohorts create fascinating dynamics within the Bitcoin market.

The post Small-scale Bitcoin holders aggressively stacking Sats appeared first on CryptoSlate.

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