- Data from Glassnode shows that Bitcoin holders with less than 100 BTC purchased 2.54X of all coins mined last month.
- Shrimps, crabs and fish added 2,286 BTC per day to their total holdings.
- Whales have seen a 45% decline in their BTC supply since 2012.
Small Bitcoin Holders Ramp Up Their Purchases
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%, 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.
Monthly Absorption Rates for Smaller Entities
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%. 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.
Total Supply Held by Whales Declining
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%. Whales currently hold approximately 6.64 million BTC down from a peak of 7.8 million in 2016..