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- Smaller bitcoin wallet holders demonstrate a robust accumulation trend: Glassnode report.
- “Long-term bitcoin holders persist in accumulating as the market experiences positive momentum.
- Bitcoin’s increasing popularity: shrimps and long-term holders influence market dynamics, Glassnode report indicates.
A recent report from on-chain data aggregator Glassnode reveals that smaller Bitcoin wallets, commonly known as “shrimps,” have been actively acquiring Bitcoin in considerable quantities. The report notes that these shrimps, who possess less than 1 BTC, have collectively purchased over 33,400 Bitcoins each month.
The data further shows that only 130 out of 5,263 trading days have seen a larger monthly position change for these wallet holders, accounting for just 2.5%. Currently, these shrimps hold a significant total of 1.33 million Bitcoins, valued at approximately $40,707,975,000.
The Shrimp Cohort [<1 BTC] continue to aggressively accumulate #Bitcoin at a rate of +33.4K BTC / Month, with only 130 / 5263 (2.5%) trading days recording a larger monthly position change.
This brings the total coins held by the Shrimp class to 1.33M BTC. pic.twitter.com/hXx3Qq51i6— glassnode (@glassnode) July 3, 2023
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Long-Term Bitcoin Holders Exhibit Consistent Accumulation Trend
Glassnode also provided insights into the Long-Term Holder Position Change index, indicating that long-term Bitcoin holders continue to show a trend of steady accumulation.
Over a span of 602 days, these holders have increased their portfolios by more than 1.01 million Bitcoins, demonstrating a persistent accumulation trend over nearly two years. Currently, these wallets contain a total of 14.47 million BTC, just 20 BTC short of the all-time high of 14.49 million BTC.
BTC Market Performance and Recent Developments
As of the time of reporting, Bitcoin is trading at around $30,620 per coin. The cryptocurrency has seen a minor increase of less than 0.3% in the last 24 hours and a rise of nearly 2% over the past week. On June 20, Bitcoin exceeded the $30,000 mark following announcements of significant fund-management firms like BlackRock submitting applications to the SEC for Bitcoin spot ETFs.
Moreover, the recent introduction of EDX, a centralized cryptocurrency exchange by Fidelity and other Wall Street firms, has further shaped the evolving landscape of the crypto market.
