The Bitcoin supply held by so-called "shrimp entities" — individuals or organizations holding less than one Bitcoin — has continued to rise relentlessly, reaching an all-time high (ATH) of 1.31 million coins, according to data analytics firm Glassnode.
This marks an unprecedented rate of accumulation among Bitcoin's smaller investors, which is seen as a sign of widespread adoption and increased confidence in the flagship digital currency.
On average, these entities are now adding around 26,000 Bitcoins to their cumulative holdings each month.
This significant expansion is notable, as only 202 trading days, or 3.9% of the time, have ever recorded a larger monthly growth rate. These figures underline the sustained interest in Bitcoin among retail investors despite its notorious price volatility.
In another remarkable show of Bitcoin's increased adoption, Glassnode data shows that the number of Bitcoin wallet addresses holding one whole Bitcoin or more has also surpassed the 1 million mark. Since February 2022, more than 190,000 "wholecoiners" have been added even as the price of Bitcoin fell from its November 2021 highs. This indicates that investors are not only accumulating Bitcoin but are also holding on to it, suggesting a belief in its long-term value.
Vladislav Sopov