1 Million Addresses Hold 1 Bitcoin: Shrimps Make Waves
Over the weekend, a new milestone was reached in the world of Bitcoin – the number of addresses holding 1 BTC or more surpassed 1 million. This marks a significant increase from the previous record of 500,000 addresses during the run-up to the 2017 bull market.
Interestingly, this trend has been driven by smaller investors who have been accumulating Bitcoin over the last few years, leading to the creation of a new term – "shrimps." Shrimps are defined as those who hold 1 BTC or less, and they now account for roughly 7% of the total supply.
The fact that so many smaller investors are accumulating Bitcoin is a testament to the increasing mainstream acceptance and adoption of cryptocurrencies. It also highlights the potential for Bitcoin to become a widely held asset in the future, rather than being dominated by a small group of whales.
However, it's worth noting that this development does not necessarily mean that Bitcoin is becoming more decentralized. In fact, research shows that despite the increase in shrimps, Bitcoin ownership remains concentrated among a small group of large holders.
Nonetheless, the growing number of shrimps with their aggregate supply of over 1.3 million BTC is significant. It represents a new demographic of Bitcoin owners who may have different motivations and investment strategies compared to the larger holders, potentially leading to changes in the market dynamics.
Overall, the fact that 1 million addresses now hold 1 BTC or more is a noteworthy milestone in the history of Bitcoin. It underscores the increasing democratization of wealth in the crypto space and the potential for cryptocurrencies to become a more mainstream asset class.