According to Glassnode data, Bitcoin Shrimp has been actively accumulating digital assets over the past 30 days, adding 35,000 BTC to its portfolio.
Shrimp, which refers to wallets with less than 1 BTC, is currently accumulating at the fourth-fastest pace in market history. According to the data, their cumulative holdings have exceeded 1.3 million bitcoins — more than 6% of the asset’s total supply.
Source: Glassnode
With Bitcoin mostly trading between $22,000 and $28,000 over the past 30 days, Shrimps doubled their total holdings as they see this range as a good entry point for accumulation.
Previously, the group was very active when the market recorded significant losses last year. In December 2022, BTC shrimp accumulated 60,000 tokens in 30 days.
Are the current problems in the US driving people to Bitcoin?
Meanwhile, the BTC Shrimp accumulated this year has coincided with growing fears of a U.S. banking crisis. Over the past month, crypto-friendly banks such as Silicon Valley Bank and Signature Bank have failed, leading to fears that the situation will spill over into the U.S. economy.
Adding to this, there is speculation that the U.S. government is preparing to launch a central bank digital currency (CBDC), especially with increased regulation of the e-money industry.
Presidential candidate Robert Kennedy pointed this out in a tweet, calling the upcoming “FedNow” the first step in the government’s ban on Bitcoin. In another tweet, Kennedy stated that BTC can protect holders from excessive government access to CBDC.
Separately, former Coinbase CTO Balaji Srinivasan predicted that BTC will replace the U.S. dollar as the global reserve currency, adding that the U.S. dollar is no longer too big to fail.
The absorption rate of BTC shrimp is 108%
From the perspective of annual absorption rate, the absorption rate of BTC shrimp is 108%.
Source: Glassnode
The uptake rate is an indicator that measures the annual change in supply as a percentage of total issuance. This means that Shrimp holds a 108% increase in supply compared to newly mined BTC over the past year.
Some analysts believe that the accumulation of Shrimp is a perfect fit for the Bitcoin network, as it will make the asset more decentralized over time.
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