Bitcoin Shrimps Fuel BTC Price Astonishing Comeback, On-Chain Data Suggests

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Bitcoin (BTC) has made an astonishing comeback, reclaiming the crucial $30,000 price level in July. While many attribute this surge to whale accumulation, a lesser-known group of investors, affectionately called the Bitcoin Shrimps, have quietly been making waves in the market. On-chain data now suggests that their increased accumulation might hold the key to understanding the current bull run. 

Bitcoin Shrimps Take Charge

In a surprising turn of events, Glassnode data reveals that the Bitcoin Shrimp Cohort, consisting of addresses holding less than 1 BTC, has been on an aggressive accumulation spree. These “shrimps” have managed to acquire an impressive 33,400 BTC in just one month, marking one of the most substantial movements by this group to date. Their determination has propelled the total number of coins held by Shrimp holders to an impressive 1.33 million BTC.

Rising Optimism

However, the on-chain data also helps in painting a positive picture for Bitcoin and the broader crypto market. Notably, the current profit rate for Bitcoin’s circulating supply stands at a staggering 79%, indicating that the majority of holders are now in a profitable position. The recent surge to $30,000 has allowed long-term holders to finally see green in their portfolios, contributing to more optimistic market sentiment.

Shockingly, Glassnode’s report reveals another exciting development: Bitcoin’s realized capitalization is experiencing continuous net capital inflows, soaring to a peak of $396 billion. This suggests a substantial influx of capital into the asset class, contributing to its overall valuation expansion. What’s even more intriguing is that this expansion has been occurring outside the typical parameters of a bull market, potentially signaling a more sustained and powerful market trend.