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Group of small bitcoin investors sees ‘relentless rise’

Group of small bitcoin investors sees 'relentless rise'

Thanks to the transparency of the Bitcoin blockchain, we can keep a close eye on what the different types and sizes of wallets are doing exactly. This also allows us to get an idea of ​​which type of investor is currently buying or selling bitcoin. According to blockchain analytics platform Glassnode, it is currently the group of small BTC investors that is “growing relentlessly.”

Record of ‘bitcoin shrimps’

Glassnode shows on the basis of a graph how the number of bitcoin shrimps has been increasing considerably in recent times. In fact, the growth is so fast that a new record has now been reached.

“Shrimp Entities Bitcoin supply (<1 BTC) continues to rise relentlessly, expanding to an ATH of 1.31 million BTC.

The group is currently experiencing significant growth of +26,000 coins per month, with only 202 (3.9%) trading days showing greater monthly growth.”

At the moment, according to Glassnode, there is at least 1.31 million BTC held by wallets with less than 1 bitcoin. This balance also grows by 26,000 BTC per month. This growth was only greater on 202 trading days, which is only 3.9% of the total.

The term “Shrimp” refers to smaller investors in the Bitcoin market who own less than one Bitcoin. The fact that the number of bitcoins held by these shrimps is increasing suggests that there are more individual investors who are increasing their holdings in BTC or are new to the Bitcoin market.

Shrimps started buying bitcoin in April

The same graph clearly shows that the group of investors mainly started buying in April 2022. That was the moment after the bitcoin price had fallen sharply in value.

Remarkably enough, what April 2022 is certainly not the bottom. BTC would continue to fall in value in the following months. The group of small bitcoin investors nevertheless kept smashing, possibly as part of a dollar cost average (DCA) strategy.

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