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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Shrimp Supply Continues To Rise, Why This Is Good

Keshav Verma
Keshav Verma
1 year ago
3 mins read
Bitcoin

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On-chain data shows the Bitcoin shrimp supply has continued to rise recently, which can be positive for the BTC ecosystem.

Bitcoin Shrimps Now Hold 6.7% Of The Entire Circulating Supply

According to data from the on-chain analytics firm Glassnode, the BTC shrimps have added 1.78% of the cryptocurrency’s supply to their holdings since the LUNA crash last year.

The relevant indicator here is the “Entities Supply Distribution,” which measures the total percentage of the Bitcoin supply that each entity group in the market is currently holding.

Investors are divided into these entities based on the total number of coins they carry in their wallets. For example, the 0.001 to 0.01 group includes all addresses holding at least 0.001 and 0.01 BTC.

When the Entities Supply Distribution metric is applied to this specific group, it tells us about the percentage of the BTC supply that the amounts of wallets falling in this range add up to.

The “shrimps” are holders with less than 1 BTC in their wallet balances. This means that this cohort includes all entity groups in the 0 to 1 range (to be more precise, four groups satisfying this condition: less than 0.001, 0.001 to 0.01, 0.01 to 0.1, and 0.1 to1).

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Here is a chart that shows the Entities Supply Distribution for the entities belonging specifically to the shrimps’ cohort:

Bitcoin Shrimps Supply Distribution

The values of these metrics seem to have been rising in recent days | Source: Glassnode on Twitter

As displayed in the above graph, the percentage of the total Bitcoin circulating supply held by the shrimps has notably increased during the past year or so. As a whole, these investors now hold 6.7% of the entire BTC supply.

The shrimps represent the retail investor segment of the BTC market, so their supply rising up during this period implies that retail participation has been increasing in the sector.

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The percentage of the supply held by these smallholders had already increased during the preceding couple of years, but the growth had been slower. In the past year, a few events have resulted in the growth of this cohort to accelerate.

The chart shows that the first of these was the LUNA collapse back in May 2022, while the second one was the 3AC bankruptcy, which took place only a few weeks later. The most significant effect appears to have been from the FTX crash back in November, as the supply held by these holders rapidly rose shortly after it occurred.

Accumulation from retail investors can be constructive for the Bitcoin market in the long term as it represents growth in the adoption of the cryptocurrency. Adoption generally provides a solid foundation for the sector, on which later price moves can sustainably lift off from.

BTC Price

At the time of writing, Bitcoin is trading around $29,300, up 2% in the last week.

Bitcoin Price Chart

Looks like the value of the cryptocurrency has plunged during the past day | Source: BTCUSD on TradingView
Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, Glassnode.com
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Keshav Verma
Keshav Verma

Keshav Verma

Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.

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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to.

In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions.

Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true.

Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment..

Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form.

Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new.

As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money.

Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs.

Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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