Over the last year, the growth in total balances of investors with holdings up to 1 BTC (‘shrimp’) and from 1 to 10 BTC (‘crabs’) has outpaced Bitcoin issuance by 105% and 119%, respectively. Analysts at Glassnode note.
We can model the yearly balance change of #Bitcoin wallet cohorts, and compare to volumes of $BTC mined over the last year.
Both Shrimp (< 1 BTC) and Crabs (1-10 BTC) are at ATH accumulation rates by this metric. — ? +105% of mined coins
— ? +119% of mined coins pic.twitter.com/W249Sp6Dt6— glassnode (@glassnode) March 2, 2023
In absolute terms, the balances reached ATH. Historically, these cohorts have been net buyers, steadily increasing their holdings.
The acceleration in Bitcoin accumulation occurred in December 2021. In the seven months prior, activity had been modest.
Earlier, Adam Farthing of B2C2 expressed the view that for the rally in the first cryptocurrency to break past the $25,000 mark.
As reported, Galaxy Digital founder Mike Novogratz to reach Bitcoin at $30,000 by the end of March.