According to data analytics company Glassnode, the quantity of Bitcoin held by so-called “shrimp entities” (individuals or organisations owning less than one Bitcoin) has been steadily increasing and has now reached an all-time high (ATH) of 1.31 million coins.
Smaller investors in Bitcoin are accumulating at a previously unheard-of rate, which is interpreted as a sign of widespread acceptance and elevated trust in the leading cryptocurrency.
These organisations are now increasing their total Bitcoin holdings by around 26,000 each month on average.
Only 202 trading days, or 3.9% of the time, have ever had a monthly growth rate as great as this one, making it noteworthy. These numbers demonstrate that despite Bitcoin’s infamous price volatility, ordinary investors continue to be interested in it.
When smaller investors, sometimes known as “retail” investors, considerably increase their holdings, it has historically been an indication that market activity will pick up. The market mood may vary due to variations in volatility and liquidity brought on by the rising concentration of Bitcoin among smaller investors.
The number of Bitcoin wallet addresses containing one whole Bitcoin or more has also crossed the 1 million mark, according to Glassnode statistics, in yet another impressive demonstration of the currency’s rising popularity. The number of “wholecoiners” has increased since February 2022, despite the fact that the price of Bitcoin has decreased from its peak in November 2021. This shows that investors are hanging onto their Bitcoin as well as acquiring it, demonstrating a conviction in its long-term value.
