Bitcoin shrimps to fish added 254% of mined BTC last month

19 June 2023

in QNT

Reading Time: 2 mins read

Bitcoin’s price struggles aside, last month saw more entities with less than 100 BTC buy 2.54X of all coins mined.
Glassnode data shows these entities added 2,286 BTC per day.
Shrimps increased their BTC holdings by 117% last month, while crabs added 80% and fish bought 57% of mined bitcoin.

It appears Bitcoin (BTC) wallet addresses with under 100 BTC have used the recent dump in the flagship cryptocurrency’s value to add to their positions.

According to on-chain data shared by Glassnode, the cohorts from shrimps (less than 1 BTC) to fish (less than 100 BTC), purchased 2.54x of daily mined supply over the past month. With the current daily mined coins at approximately 900, these entities scooped 2,286 BTC per day.

Shrimps and crabs increase total BTC holdings 117% and 80% respectively

As can be seen in the chart below, the monthly absorption rates for shrimps, crabs and fish was 117%, 80% and 57% respectively. That’s a massive 254% in terms of the share of mined coins – shrimps, crabs and octopus and fish added to their total holdings last month. With Bitcoin price around $26,300, that’s more than $60 million worth BTC per day.

Bitcoin monthly distribution rates for shrimps, crabs, octopus and fish. Source: Glassnode

Shrimps now hold 1.26 million BTC, or 6.6% of the total circulating supply, up from roughly 4.86% a year ago. Crabs account for 2.03 million BTC, which is 10.5% of circulating supply. The cohort’s total holdings have increased from 8.7% from a year ago.

Meanwhile, the supply held by whale entities continued to decline and stood at 34.4% as of June 2023. This is a decline of 45% since Bitcoin’s first halving in 2012, when whales accounted for 62.7% of total BTC supply.

Whales currently hold approximately 6.64 million BTC, down from a peak of 7.8 million BTC in 2016.