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Bitcoin Bull Run: Bitcoin (BTC), the largest cryptocurrency made an astonishing comeback in the month of July by regaining the crucial $30k price level. On-chain data suggests this Bitcoin price surge wasn’t only powered by the whales’ accumulation but BTC shrimps evenly participated in this event.
Also Read: Singapore Seeks To Ban Crypto Lending, Staking For Retail Investors
Bitcoin Accumulation In Last Phase?
According to the Glassnode data, the Bitcoin Shrimp Cohort (addresses holding less than 1 BTC) moved ahead aggressively. The shrimps accumulated more than 33.4K Bitcoin monthly. It added that this accumulation has been one of the biggest movements done by Shrimps. However, this move brings the total coins held by the Shrimp holders to 1.33 million Bitcoin.
The On-chain depicts a good outlook for Bitcoin and the crypto market ahead. The current profit rate for Bitcoin’s circulating supply (15.079 million) stands over 79%. Bitcoin’s run up for $30k helped many holders to turn profitable after a long period of time. However, the supply in profit indicator plays a crucial role in defining the holders’ position in the market. Read More Bitcoin News Here…
Glassnode reported that Bitcoin realized capitalization is continuously occupying a regime of net capital inflows reaching to the peak of $396 billion.
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
- Bitcoin’s price struggles aside, last month saw more entities with less than 100 BTC buy 2.54X of all coins mined.
- Glassnode data shows these entities added 2,286 BTC per day.
- Shrimps increased their BTC holdings by 117% last month, while crabs added 80% and fish bought 57% of mined bitcoin.
It appears Bitcoin (BTC) wallet addresses with under 100 BTC have used the recent dump in the flagship cryptocurrency’s value to add to their positions.
According to on-chain data shared by Glassnode, the cohorts from shrimps (less than 1 BTC) to fish (less than 100 BTC), purchased 2.54x of daily mined supply over the past month. With the current daily mined coins at approximately 900, these entities scooped 2,286 BTC per day.
Shrimps and crabs increase total BTC holdings 117% and 80% respectively
As can be seen in the chart below, the monthly absorption rates for shrimps, crabs and fish was 117%, 80% and 57% respectively. That’s a massive 254% in terms of the share of mined coins – shrimps, crabs and octopus and fish added to their total holdings last month. With Bitcoin price around $26,300, that’s more than $60 million worth BTC per day.
Bitcoin monthly distribution rates for shrimps, crabs, octopus and fish. Source: Glassnode
Shrimps now hold 1.26 million BTC, or 6.6% of the total circulating supply, up from roughly 4.86% a year ago. Crabs account for 2.03 million BTC, which is 10.5% of circulating supply. The cohort’s total holdings have increased from 8.7% from a year ago.
Meanwhile, the supply held by whale entities continued to decline and stood at 34.4% as of June 2023. This is a decline of 45% since Bitcoin’s first halving in 2012, when whales accounted for 62.7% of total BTC supply.
Whales currently hold approximately 6.64 million BTC, down from a peak of 7.8 million BTC in 2016.
- Bitcoin wallets with less than 1 BTC now hold an all-time high of 1.31 million coins.
- Shrimps have been adding an average of 26,000 BTC every month, data shows.
- The growth of the shrimp cohort is a positive development for the Bitcoin network.
The amount of Bitcoin held by “shrimps” – those wallet entities that currently hold less than 1 BTC) has reached a new all-time high.
According to data from Glassnode, shrimps have increased their total holdings to 1.31 million BTC. The cohort has witnessed the gradual increase in holdings over the past several months.
Shrimps grow holdings by +26,000 BTC every month
Per data Glassnode shared via Twitter, the shrimp cohort has experienced a significant expansion of their holdings in 2023. This followed a similar trend last year, with the buying among this group coming despite the greater volatility that hit the market.
Specifically, shrimps have added 26,000 or more Bitcoin every month. Since July 2020, only 202 (3.9%) trading days have recorded a larger monthly growth.
The suggestion from this is that retail investors have been aggressive in accumulating BTC, with the dips seen during the bear market providing investors with an opportunity to buy Bitcoin at low prices.
The chart below shows the growth in the amount of BTC held by wallet addresses with less than 1 bitcoin. As you can see, the amount held by these entities has increased significantly in June/July 2022 and again in November/December and January 2023.
Increase in small holders is a positive for the long-term health of Bitcoin’s network as the metric suggests retail investors are confident in the cryptocurrency’s growth and long term potential.
The world’s largest cryptocurrency Bitcoin (BTC) has recently come under strong selling pressure as gas fee shoots up significantly. As of press time, Bitcoin (BTC) is trading at $27,558 with a market cap of $533 billion.
Interestingly, despite the current selling pressure, it turns out that retail players have been accumulating Bitcoin at every step. Citing data from Glassnode, popular crypto analyst Lark Davis explains:
The purchases from Bitcoin shrimp (holders w/ less than 1 BTC) is currently out stripping the amount of BTC produced each month. Just small retail is eating all the new supply! Insane!
On the other hand, Bitcoin whales have also continued with accumulation since the beginning of 2022. However, they have been offloading their supply recently with BTC already gaining more than 75% since the beginning of the year.
Bitcoin’s BRC20 Tokens Reach $1 Billion Market Cap
The Bitcoin network has been recently flooded with activity from Bitcoin Ordinals aka Bitcoin NFTs which has resulted in a sharp surge in the Bitcoin network gas fee.
CrytoQuant analyst Alex explains that Bitcoin is currently under siege from the BRC20 junk coins leading to record high fees and thousands of unconfirmed transactions. However, on-chain data shows that the total number of unconfirmed transactions has dropped below 400,000 from nearly 500,000 over the weekend.
“Unlike conventional token standards, such as Ethereum’s ERC-20, BRC-20 does not utilize smart contracts and operates only with wallets supporting the #Bitcoin blockchain,” writes Alex.
Amid the recent strong activity, the market cap of BRC20 tokens has exceeded $1 billion, with 24-hour trading volumes exceeding more than $200 million. Some of the prominent BRC20 tokens on the radar are ORDI, NALS, VMPX, PEPE, and MEME. All these tokens have shown wide volatility with prices fluctuating between +10% to -55%.
Twitter user Domo developed the BRC20 standard earlier this year on March 8. Nearly, 14,000 BRC20 tokens have been existing on the Bitcoin blockchain currently.
A number of top exchanges like Binance and Gemini have recently rushed to offer support for Bitcoin Ordinals amid its strong demand.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
- Bitcoin price plummeting after FTX’s implosion in November provided shrimps – people with less than 1 BTC an opportunity to add to their balances at low prices.
- According to new on-chain data tracking shrimp holdings, the cohort bought 96.2k more BTC in the 30 days after FTX collapsed.
- The cohort’s holdings saw an all-time balance increase in the month and currently hold roughly 6.3% of bitcoin supply at 1.21 million.
Despite the continued selling across the crypto market over the past month, Bitcoin ‘shrimps’ – wallets holding less than one BTC – have added massively to their overall balances since the FTX’s implosion.
According to the latest data compiled by crypto exchange Bitfinex, investors have sold Bitcoin at a loss over the past 30 days as contagion fears and other macro factors combined to sink sentiment. But amid the widespread selling, there has been a significant accumulation drive from both shrimps and ‘crabs’ – wallets with up to 10 bitcoin.
Analysis of the on-chain balances of these two cohorts suggest that a portion of small retail investors have indeed been unfazed by the negative sentiment and jitters around FTX. Simply, wallets with less than 10 BTC have used the downturn in prices to buy Bitcoin.
Shrimps added 96.2k BTC since early November
As some investors panic-sold after the shocking news of FTX’s collapse, a few people took the opportunity to buy low. In November, Bitcoin price fell sharply below $20,000 and went all the way to levels beneath $16,000.
Weak hands sold as hodlers took advantage. And according to the Bitfinex report, its not just whales who might have seized on the prevailing sell-off.
Shrimps buying the dip managed to add more than 96,000 bitcoins to their wallet balances. In fact, data puts it down to 96.2k BTC that shrimps bought since FTX collapsed, with the purchases accounting for an all-time high increase in the cohort’s wallet balances.
According to the statistic, shrimps now hold more than 1.21 million bitcoins to account for roughly 6.3% of the benchmark cryptocurrency’s circulating supply.
As of writing, on-chain data sows the circulating supply of Bitcoin is 19.23 million coins, while addresses richer than $1 stand at nearly 34 million.
Wallets with less than 10 BTC also buy the dip
Crab, as noted above, are wallets that hold less than 10 bitcoins. Data by Glassnode shows that this cohort bought 191.6k BTC in the 30 days after FTX’s collapse. The group’ net position change during this period saw total balance also swell at an all-time high increase, with the month higher than in July 2022 when crabs bought 126k BTC following the May/June turmoil.
So what does this statistics reveal? According to the report, its likely retail investors are breaking from past behaviour of heavily selling during bear cycles.
Investor bullishness on Bitcoin is thus a mark of the new wave of resilience even as the market stares at potentially more pain with Bitcoin price poised near $17,000.
The world’s largest cryptocurrency Bitcoin (BTC) has come under massive selling pressure ever since the FTX collapse triggered. As of now, Bitcoin is trading 2.30% down at a price of $16,198 with a market cap of $311 billion.
However, one investor group has been buying aggressively during this price correction. They are basically the Bitcoin Shrimps (holding <1 BTC) and the Bitcoin Crabs (holding <10 BTC).
On-chain data provider Glassnode explains that Bitcoin shrimps have witnessed an all-time high balance increase since the FTX collapse. Over the last fifteen days, the Bitcoin shrimps have added 96.2k $BTC to their total holdings. This cohort now holds a staggering 1.21 million Bitcoins which is equivalent to 6.3% of the total circulating supply.
Similarly, the Bitcoin crabs cohort (with <10 BTC) has also seen aggressive balance increases in the last 30 days. During this period, this group of Bitcoin investors has added a staggering 191.6k $BTC to their holdings. This is also a convincing all-time high balance increase while overshadowing the July 2022 peak of 126k $BTC/month.
On the other hand, Bitcoin whales have been seen partly offloading their assets. BTC whales with more than 1,ooo BTC holdings have moved 6,500 Bitcoins to the exchanges over the last month as the FTX crisis unfolded. However, this distribution is still very small relative to the total Bitcoin whale holdings of 6.3 million BTC.
Bitcoin Holders Opt for Self-Custody
With the FTX crisis unfolding, a large number of Bitcoin investors have opted for self-custody as the trust in centralized players falls to a new low. The Bitcoin supply at exchanges has dropped to levels not seen in the last four years. On-chain data provider Santiment reported:
Just 6.95% of #Bitcoin is sitting on exchanges, according to @santimentfeed data. There had already been a gradual shift in $BTC moving into self custody going back to #BlackThursday (Mar 2020). But with the #FTX fallout, this trend has accelerated.
While Bitcoin is currently holding at the support of $16,000, some analysts warn of further downfall. Some market experts believe that the contagion through FTX collapse will spread further in the coming months. The domino effect by FTX could also push the BTC price to $5,000.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Crypto Flipsider News – Shrimps Buy BTC; SHIB Overtakes Polygon; Ripple Lawsuit Update; Cardano Pay Expansion; StepN Token BurnRead in the Digest:
- Shrimps join whales in buying – BTC predicted to hit new ATH in 24 months.
- Sustained growth sees surpass Polygon’s (MATIC) market cap.
- Lawsuit swings in Ripple’s favor as judge denies SEC’s attorney-client privilege claim.
- payments now available for 7 million businesses via new plug-in.
- StepN renews token burn – Animoca Brands raises $75 million in new round.
Shrimps Join Whales in Buying Bitcoin – BTC Predicted to Hit New ATH in 24 Months
Despite the recent wave of downtrends that sent Bitcoin back to $19k, on-chain data shows that shrimps (investors with 1,000 BTC) in buying the leading crypto asset.
On-chain data tracker Glassnode reports that Bitcoin shrimps added over 60,400 BTC to their wallets in June, while whales accumulated more than 140,000 BTC over the same period.
The number of shrimps holding over 0.1 BTC has also hit a new all-time high of 3,706,019.
The accumulation of Bitcoin by shrimps and whales is a bullish indicator, a trait further amplified by Meltem Demirors, CoinShares’ chief strategy officer.
In an interview, Demirors predicted that Bitcoin would reach a new all-time high within the next 24 months. Demirors cites Bitcoin’s cyclical nature of dumping up to 80 to 90% of its historical peaks as the reason for the ongoing crypto winter.
Flipsider:
- Despite his long-term bullish outlook, Demirors believe that “there is still room for some downward correction” for Bitcoin, which is 70% down from its November 2021 highs at press time.
Why You Should Care
The re-entrancy of shrimp BTC holders is a sign of renewed belief in the long-term potential of Bitcoin.
Sustained Growth Sees Shiba Inu Surpass Polygon’s (MATIC) Market Cap
In a bid to transition from the label of “meme coin”, Shiba Inu has become of of the most actively developed projects, with plans being unveiled to add two tokens to its ecosystem. SHIB has also seen an all-time high level of adoption, with Uber (NYSE:) Eats now accepting the coin as payment.
The developments have seen Shiba Inu (SHIB) hold firm throughout the crypto winter. In the last 30 days, the price of Shiba Inu (SHIB) has increased by more than 29%, while Polygon (MATIC) is down 8%, and the value of Bitcoin, the leading crypto asset, is down more than 19%.
The 30 day price chart for Shiba Inu (SHIB). Source: CoinMarketCap
The 30 day price chart for Polygon (MATIC). Source: CoinMarketCap
Shiba Inu now has a market cap of $5.6 billion and making it the 14th largest crypto according to CoinMarketCap, and 13th largest by CoinGecko‘s reckoning. Dropping by more than 8% on Wednesday, July 13th, the market cap of Polygon (MATIC) was briefly surpassed by Shiba Inu (SHIB).
Flipsider:
- In the last 24 hours, the majority of Altcoins have been experiencing significant drops, and SHIB is down 5% as a result.
The 24 hour price chart for Shiba Inu (SHIB). Source: CoinMarketCap
Why You Should Care
Over the last two months, SHIB has witnessed a significant increase in price thanks to increased activity and adoption around the Shiba Inu ecosystem.
Lawsuit Swings in Ripple’s Favor as Judge Denies SEC’s Attorney-Client Privilege Claim
appears to have gained the edge in its legal battle with the Securities and Exchange Commission (SEC) after the judge in charge of the case denied the SEC’s attorney-client privilege plea to protect internal documents relating to the Hinman speech.
On Tuesday, July 12th, crypto attorney James K. Filan announced that Magistrate Judge Sarah Netburn had denied the SEC’s claim for attorney-client privilege. Judge Netburn also accused the SEC of “hypocrisy” in trying to protect the documents.
In 2018, former SEC exec William (Bill) Hinman suggested that Ether (ETH) was not a security. To prevent Hinman’s claims from being used in the ongoing Ripple battle, the SEC filed an omnibus motion to exclude experts from scrutinizing Hinman’s testimony.
The court ruled that “the evidence establishes that the predominant purpose of the communications was not to provide legal advice.” The ruling means that the document can now be used in the ongoing case, in which the SEC alleges that Ripple sold unregistered securities, in the form of XRP.
Flipsider:
- According to reports, Ripple co-founder Jed McCaleb will be selling 4.215 million units of XRP per day this week to exhaust his stake in the company.
Why You Should Care
The Hinman document, which the SEC attempted to keep under wraps, is considered to be pivotal evidence that could swing the lawsuit in Ripple’s favor.
Cardano Payments Now Available for 7 Million Businesses via New Plug-In
On Tuesday, July 12th, the COTI Network team announced that it had integrated the ADA Pay API, making Cardano’s ADA payment platform available to over seven million e-commerce platforms.
According to the official blog post, the ADA Pay plug-in was developed as part of COTI’s ‘Project Catalyst’ challenge. The project was launched for Odoo’s (On-Demand Open Object) midsize businesses.
The ADA payment API was designed by Rodolfo Miranda, one of the winners of Catalyst fund 7, to enable merchants and enterprises to accept ADA as a payment option with instant settlement.
Flipsider:
- Cardano’s (ADA) price has been in a free-fall despite proving to have immense potential, and one of the most anticipated mainnet events.
Why You Should Care
ADA Pay was created as a gateway solution to bring Cardano’s ADA token to the masses.
StepN Renews Token Burn – Animoca Brands Raises $75 Million in New Round
StepN, the popular “move-to-earn” game, has announced the renewal of its token burn, stating that it would be spending over $6 million from its Q2 profits to buy back and burn its native GMT tokens.
Despite a tumultuous Q2 for the crypto market, StepN diclosed on Tuesday, July 12th, that it had generated $122.5 million in second-quarter profits. To avoid causing any sudden volatility, StepN explained that the burn “may take a few weeks to complete.”
Another gaming powerhouse, Animoca Brands, has secured $75 million in its latest funding round. The completion of the round has seen the Hong Kong-based company attain valuation of $5.9 billion.
Animoca Brands, the company behind The Sandbox (SAND) metaverse project, remarked that the capital will be used to advance the “open metaverse” through strategic acquisitions, product development, and IP licenses.
Flipsider:
- A federal judge in New York has frozen the assets of Three Arrows Capital, as the crypto firm’s founders remain underground.
Why You Should Care
The expansion of services, despite the ongoing crypto winter, reaffirms the company’s long-term commitment to the industry.
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