The number of Bitcoin wallets holding less than 1 BTC is forecasted to grow by nearly 9% in the coming weeks, reflecting sustained confidence among retail investors even as Bitcoin’s price surpasses the historic $100,000 mark.
According to Axel Adler, a crypto analyst and contributor at CryptoQuant, these small-scale investors, often referred to as “shrimps,” are demonstrating unwavering belief in Bitcoin’s growth potential.
“Despite being labeled as ‘shrimps,’ these holders are showing strong confidence in Bitcoin’s growth, continuing to accumulate coins even at current price levels,” Adler noted in a Dec. 14 post on X.
Shrimp Wallets: A Key Indicator of Retail Investor Interest
Shrimp wallets, defined as Bitcoin addresses holding less than 1 BTC, are a critical metric for assessing retail interest in the cryptocurrency market.
- Current Figures: There are 323,000 shrimp wallets today.
- Projected Growth: This number is expected to increase by 8.67%, reaching 351,000 wallets in the near term.
The growth trend in shrimp wallets began when Bitcoin was trading at $61,000, with 265,000 addresses at the time. Since then, shrimp wallet numbers have surged by 21.9%, underscoring robust retail participation during Bitcoin’s price rally.
At the time of writing, Bitcoin is trading at $101,549, according to CoinMarketCap data.
Contrasting Trends Among Large-Scale Holders
While shrimp wallets are growing, larger long-term holders—those holding Bitcoin for at least 155 days—have been reducing their positions.
- Reports from Dec. 9 indicate that 827,783 BTC were sold by long-term holders over the past 30 days.
- Some analysts believe this sell-off signals a potential market top, possibly leading to bearish sentiment if buy-side demand weakens.
However, analysts at Bitfinex argue that future price corrections are likely to be less severe than the 10% drop experienced in early December.
“With such a decline in realized profit and sell-side pressure, we can expect future declines to be less abrupt than the one experienced last week,” Bitfinex analysts stated in their Dec. 9 market report.
Vancouver Aims to Become a Bitcoin-Friendly City
In a progressive move, the Vancouver city council has approved a motion to explore becoming a Bitcoin-friendly city.
The initiative, led by Mayor Ken Sim, involves assessing the feasibility of:
- Accepting taxes and fees in Bitcoin.
- Converting a portion of Vancouver’s financial reserves into Bitcoin.
This decision comes amid growing institutional confidence in Bitcoin.
- MicroStrategy, a leading corporate Bitcoin investor, recently purchased 21,550 BTC for approximately $2.1 billion, bringing its total holdings to 423,650 BTC, valued at $42 billion.
Global Shift Toward Bitcoin Adoption
The push for Bitcoin adoption is also gaining traction among think tanks and corporations. The National Center for Public Policy Research has urged Amazon to explore a Bitcoin-focused corporate treasury strategy, reflecting growing acceptance of the cryptocurrency as a mainstream financial asset.
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