• Glassnode data reveals that last month, entities with less than 100 BTC added 2.54X of all coins mined – a 254% increase in their share of the total circulating supply.
• Shrimps, crabs and fish bought an average of 2,286 BTC per day last month, increasing their holdings by 117%, 80% and 57% respectively.
• Whale entities saw their share of total BTC supply drop to 34.4%, a 45% decrease from 2012.
Bitcoin Holders Scoop Up Mined Supply
Last month, Bitcoin holders with less than 100 BTC scooped up 254% more coins than the average daily mined supply according to data from Glassnode. This amounted to an average addition 2,286 BTC per day into the wallets belonging to these entities – which include those holding less than 1 (shrimp), 10-100 (crabs) and 100-1k (fish) BTC.
Shrimps Increase Holdings By 117%
The monthly absorption rate for shrimps was particularly notable at 117%. As such, they now hold 1.26 million BTC or 6.6% of the total circulating supply – a significant increase from 4.86% one year ago. Crabs meanwhile account for 10.5 % of the circulating supply after adding 80% to their holdings over the past month; while fish purchased 57%.
Whale Entity Holding Declines
In contrast to smaller wallet holders, whale entities saw their portion of total Bitcoin decline significantly over the course of May and June 2023 . Their current share stands at 34.4%, down 45% since Bitcoin’s first halving in 2012 when whales held 62.7%. They currently own an estimated 6.64 million coins compared to 7.8 million at its peak in 2016.
Price Struggles Aside
Despite Bitcoin’s price struggles over recent weeks – which saw it dip as low as $30K before climbing back above $40K – these entities appear to be taking advantage of any dips by adding more coins to their wallets.. While this could indicate increased confidence in long term prospects for the cryptocurrency , it remains unclear whether this trend will continue amidst ongoing volatility .
Conclusion
Overall , last month saw smaller wallet holders accumulating more Bitcoins despite price uncertainty . Whale entity holdings on the other hand have seen a steady decline over time as they are no longer able to corner as much of market share as before . Whether this trend will continue remains unknown but it could be indicative that smaller owners are growing increasingly confident in long term prospects for Bitcoin’s price trajectory .