Bitcoin shrimp rose nearly 1 million addresses hold more than 1 BTC

On-chain data shows that Bitcoin’s ability to sustain below $24,000 provides smaller holders with ample opportunity to expand their positions.

There are currently nearly 1 million Bitcoin addresses holding more than 1 Bitcoin, most of which were accumulated between 2021 and 2023.

The Rise of BTC Shrimp

According to data provided by LookIntoBitcoin, as of March 29, there were 991,670 Bitcoin addresses holding more than 1 BTC — a number that has continued since Bitcoin’s inception as more and more BTC were brought onto the network. growing steadily.

However, the number grew particularly rapidly after the collapse of cryptocurrency exchange giant FTX in November, from 915,110 on November 8 to 961,756 on December 8. Pushing bitcoin prices back to $15,500 for the first time since 2020 could offer HODLers a better chance to accumulate.

Individual crypto hardware wallet makers posted record sales in the post-bankruptcy period, showing a broad push for personal wallets versus centralized exchange wallets. This also helps explain the growth in smaller address balances, as exchanges typically funnel BTC from thousands of users into a single blockchain address at a time.

Additionally, blockchain intelligence firm Glassnode noted at the time that “shrimps” — addresses with less than 1 BTC — added a record 96,200 BTC to their overall portfolio in the month since FTX’s failure.

Bitcoin supply distribution

The number of wallets holding >0.1 BTC (4,289,243) and >0.01 BTC (11,724,266) also continued to increase. Meanwhile, the number of addresses holding >10 BTC or >100 BTC has remained relatively stable since at least 2018, while the number of wallets holding >1000 BTC has decreased by about 20% since 2021.

According to CoinMarketCap, only about 11 percent of the bitcoin supply is held by entities that account for more than 0.1 percent of total holdings. This is a rather small concentration of wealth compared to some altcoins such as Ethereum or Cardano, with figures of 39% and 33% respectively.

In 2021, CoinMetrics analyst Nate Madrey said that due to its PoW consensus mechanism, Bitcoin will be more evenly distributed-this will incentivize miners to sell newly minted coins to the market instead of continuing to hold them.

board take

According to CryptoPotato

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