• Bitcoin price struggles aside, last month more companies under 100 BTC bought 2.54 times more than all coins mined.
  • Glassnode data shows that these entities added 2,286 BTC per day.
  • Shrimp increased their BTC holdings by 117% last month, crabs increased by 80% and fish bought 57% of mined Bitcoins.

Bitcoin (BTC) wallet addresses below 100 BTC appear to be taking advantage of the recent plunge in the value of the flagship cryptocurrency to increase their positions.

According to on-chain data share Glassnode has purchased 2.54x its daily mining volume over the past month for cohorts ranging from shrimp (less than 1 BTC) to fish (less than 100 BTC). With around 900 coins currently being mined daily, these companies scooped up 2,286 BTC per day for him.

Shrimp and Crab Increased Total BTC Holdings by 117% and 80%, respectively

As seen in the graph below, the monthly absorption rates for shrimp, crab and fish were 117%, 80% and 57% respectively. That’s a staggering 254% in terms of share of mined coins, with shrimp, crab, octopus and fish adding to the total holdings last month. With the price of Bitcoin around $26,300, BTC is worth more than $60 million per day.

Bitcoin monthly distribution rate for shrimp, crab, octopus and fish. sauce: glass node

Shrimp now holds 1.26 million BTC, representing 6.6% of the total circulating supply, up from about 4.86% a year ago. Crabs account for 2.03 million BTC, or 10.5% of the circulating supply. The total holdings of the same generation increased from 8.7% year-on-year.

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

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

By Jules

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