The smallest hodlers in the Bitcoin (BTC) market, known as “Shrimps,” have resumed their accumulation, according to recent on-chain data from Glassnode. The trend is evident in the rising Shrimp Supply, which now stands at 1.36 million BTC, or about 6.9% of the total circulating supply.
The chart below, shared by Glassnode, shows the trend in Bitcoin Shrimp Supply over the past few years.
The metric, which tracks the net amount of BTC entering or exiting wallets associated with Shrimps, provides further insight into the accumulation pattern. As the chart shows, the indicator turned sharply negative last year as BTC explored new all-time highs.
The pattern suggests that the Shrimps realized some of their gains at the high prices. However, with BTC shifting towards a bearish trajectory since the top, these investors have resumed their accumulation, indicating that they view the current prices as a favorable opportunity.
Despite being labeled as “small money” by some, the Shrimp cohort has exhibited smart-money behavior in recent years. Notably, they engaged in strong accumulation throughout the bear market lows of 2022.
Since the Shrimps have resumed buying recently, the Net Position Change of the Shrimp Supply has risen to a level corresponding to inflows of 17,600 BTC per month into their wallets.
In related news, another Glassnode analysis highlights a renewed demand for Bitcoin spot exchange-traded funds (ETFs) during the past week.
The Bitcoin spot ETFs kicked off the year with minimal demand. However, in the week starting January 6, the inflows surged to $1.7 billion, surpassing the asset’s average of $1.35 billion from October to December of last year.
BTC Price Action
Bitcoin has continued its recent bearish trend over the past day, with its price now down to $91,700.
