• Bitcoin „shrimp“ wallets, which hold 1 bitcoin recently surged to 43.2 million
• Data also shows bitcoin wallets in profit have reached 70% after recent price gains
• Bitcoin addresses with 0.01 BTC or less have also hit an all-time high of 32.6 billion
Bitcoin “Shrimp” Wallets Reach All-Time High
Recent data indicates that Bitcoin “shrimp” wallets, those holding 1 bitcoin or less, have surged to a new all-time high of 43.2 million. This comes alongside an all-time high of 32.6 billion for Bitcoin addresses holding 0.01 BTC or less and 70% of Bitcoin wallets in profit after recent price gains.
Recent Price Gains
Bitcoin recently reached an 8 month high when it rallied to highs above $25,000 last week, despite a 78% outflow from investment products due to negative sentiment from the market. The increase in the number of non-zero wallets may be attributed to this upside momentum and could be indicative of an influx of new investors into the cryptocurrency space.
FTX Collapse and Shrimps Buying
Despite the FTX collapse leading to prices dropping, shrimps actually increased their buying on this news as CoinJournal reported at the time which further supports the theory that more people are investing into Bitcoin than ever before.
Profitability Reaching 10-Month High
The increase in the number of non-zero wallets is likely contributing to overall growth in terms of address count with one BTC or lower as well as profitability reaching a 10-month high according to Glassnode data showing 7-day moving average wallet profitability being at its highest level since April 2020.
Overall, these figures demonstrate how far Bitcoin has come over the past year and how much potential there is for continued growth within the industry going forward – especially if more people continue investing into it from here on out!