Bitcoin investors gathered 35,000 BTC over the past month.

In the past 30 days, Bitcoin (BTC) shrimps have significantly increased their holdings of the digital asset, adding 35,000 BTC to their wallets, as per data from Glassnode analyzed by CryptoSlate.

Shrimps are defined as wallets containing less than 1 BTC, and their current rate of accumulation ranks as the fourth fastest in the history of the market. The data indicates that their total holdings have exceeded 1.3 million BTC, which represents more than 6% of the asset’s overall supply.

Source: Glassnode

With Bitcoin primarily trading between $22,000 and $28,000 over the last month, shrimps have doubled their accumulation, viewing this price range as an advantageous entry point to enhance their investments.

Previously, this group was notably active last year during a period of significant market downturns. In December 2022, CryptoSlate reported that BTC shrimps acquired 60,000 BTC within a 30-day timeframe.

Are the current issues in the US pushing people to BTC?

Currently, the accumulation of BTC by shrimps this year aligns with rising concerns about a banking crisis in the United States. In the last month, crypto-friendly institutions such as Silicon Valley Bank and Signature Bank failed, raising fears of potential contagion within the US economy.

Additionally, there are speculations regarding the US government’s plans to introduce a central bank digital currency (CBDC), particularly in light of its intensified regulatory actions against the cryptocurrency sector.

Presidential candidate Robert Kennedy highlighted this in a tweet, suggesting that the upcoming launch of “FedNow” represents the government’s initial move towards banning Bitcoin. In another tweet, Kennedy stated that BTC could serve as a safeguard for holders against government overreach related to CBDCs.

In a separate commentary, former Coinbase CTO Balaji Srinivasan forecasted that BTC might supplant the US Dollar as the global reserve currency, asserting that the USD is no longer too big to fail.

BTC shrimps absorption rate at 108%

An analysis of the yearly absorption rate reveals that BTC shrimps have an absorption rate of 108%.

Source: Glassnode

The absorption rate is a metric that gauges the annual change in supply as a percentage of the total number of coins issued. This indicates that the supply held by shrimps has risen by 108% of the newly mined BTC over the past year.

Numerous analysts have suggested that the accumulation by shrimps is beneficial for the Bitcoin network, as it contributes to the asset’s decentralization over time.

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