Bitcoin shrimps have accumulated 60K BTC in the last 30 days

Dec. 28, 2022 at 9:00 am

By Oluwapelumi Adejumo

Several analysts argue that shrimp accumulation is good for the Bitcoin network because it makes the asset more decentralized over time.

Bitcoin (BTC) shrimps aggressively accumulated Bitcoin in the last 30 days — adding a total of roughly 60,000 BTC to their portfolios, according to Glassnode data.

Shrimps refer to wallets holding less than one Bitcoin. This group of retail investors has invested heavily in BTC throughout 2022. Their cumulative balance now sits at 1.2 million BTC — roughly 6% of BTC’s supply.

During the last 30 days, BTC mostly traded between $16,000 and $18,000. BTC’s price has struggled following FTX’s implosion, which birthed a contagion that has affected other crypto firms like Genesis, BlockFi, and Midas.

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