Throughout Bitcoin’s history, it’s been the long-term holders and those with substantial BTC balances who’ve traditionally played the role of market stabilizers—accumulating during downturns and distributing when the market peaks. Their actions, often driven by experience and unwavering conviction in the cryptocurrency’s potential, have been a consistent feature in the market.
Over the last couple of years, however, there has been a noticeable shift in the wind of the Bitcoin market. After the collapse FTX a new player emerged with a greater appetite to accumulate: the Bitcoin shrimp. In this context, the term “shrimp” refers to addresses with balances of less than 1 BTC.
For these shrimp, the collapse of FTX was a major milestone. After the exchange’s crash, they added 85,000 BTC to their balances within a month. The previous highest accumulation of shrimp was 53,000 BTC within 30 days in July 2022.
Between June and August, Bitcoin’s price oscillated in a constricted trading range of around $29,000. The shrimps kept on coming in, and the average…