bitcoin (BTC) shrimp aggressively accumulated the digital asset in the last 30 days, adding 35,000 BTC to their portfolios, according to Glassnode data analyzed by CryptoSlate.
Shrimp refers to wallets with less than 1 BTC, and its current accumulation rate is the fourth fastest in the history of the market. According to the data, his cumulative holding has surpassed 1.3 million BTC, which is equivalent to more than 6% of the total supply of the asset.
With Bitcoin trading mostly between $22,000 and $28,000 over the last 30 days, shrimp doubled their accumulation as they found the range to be a good entry point to increase their holdings.
Prior to now, the cohort was very active last year when the market posted substantial losses. In December 2022, CryptoSlate reported that BTC shrimp accumulated 60,000 BTC units in 30 days.
Are the current problems in the US pushing people into BTC?
Meanwhile, the accumulation of shrimp BTC in the current year coincided with rising fears of a banking crisis in the United States. Over the past month, crypto-friendly banks like Silicon Valley Bank and Signature Bank collapsedraising fears of contagion for the US economy.
Besides that, there is also speculations that the US government was preparing to launch a central bank digital currency (CBDC), especially with its increased regulatory actions against the crypto industry.
robert kennedy presidential candidate pointed this out in a tweet, saying that the imminent launch of “FedNow” was the government’s first move to ban Bitcoin. In a separate tweet, Kennedy saying BTC could protect holders from CBDC government overreach.
Separately, Coinbase former CTO Balaji Srinivasan foretold that BTC would replace the US dollar as the global reserve currency, adding that the US dollar was no longer too big to fail.
BTC shrimp absorption rate at 108%
A look at the annual absorption rate showed that BTC shrimp have an absorption rate of 108%.
The absorption rate is a metric used to measure the annual change in supply as percentages of the total number of coins issued. This means that the shrimp supply has increased by 108% of freshly mined BTC over the past year.
Several analysts have argument that shrimp accumulation was suitable for the Bitcoin network because it would make the asset more decentralized over time.
The charge Bitcoin shrimp accumulated 35k BTC in the last 30 days first appeared in CryptoSlate.
