It appears Bitcoin (BTC) wallet addresses with less than 100 BTC have taken advantage of the recent price drop of the cryptocurrency to add to their positions. According to on-chain data from Glassnode, entities with fewer than 1 BTC (shrimps), less than 10 BTC (crabs) and less than 100 BTC (fish) purchased 2.54x of daily mined supply over the last month. This translates to 2,286 BTC per day.
The monthly absorption rate for shrimps, crabs and fish was 117%, 80% and 57% respectively. This is an increase of 254% in the proportion of mined coins held by those entities. At Bitcoin’s current price of around $26,300, this amounts to more than $60 million worth of BTC daily.
Shrimps now have a total of 1.26 million BTC, or 6.6% of the total circulating supply, an increase from 4.86% a year ago. Crabs hold 2.03 million BTC, representing 10.5% of circulating supply, up from 8.7% in the previous year.
On the other hand, the supply held by whale entities has continued to decrease and was at 34.4% as of June 2023. This is a drop of 45% since Bitcoin’s first halving in 2012, when whales had 62.7% of all BTC supply. They currently have 6.64 million BTC, down from a high of 7.8 million BTC in 2016.
