The topic of #Bitcoin supply concentration is a favourite for critics of the asset.
In our latest research piece, we explore how the smallest HODLers of $BTC, the Shrimp (< 1 $BTC) and Crab (< 10 $BTC) are in fact last cycles largest accumulators.
We assess
- Relative population growth and balance change by wallet cohort.
- Introduce a new metric called Yearly Absorption Rate showing balance change relative to mined supply
- Demonstrate the dispersion of BTC from miners, through exchanges and out to investor cohorts.
Our analysis demonstrates that #Bitcoin supply continues to disperse in time, settling in to smaller entity wallets. Over the 2021-23 cycle, Shrimp and Crab entities absorbed more than 2x the total coins mined, and are growing supply share at the greatest rate in history.
Read our latest piece Shrimp Supply Sink: Revising the Distribution of Bitcoin Supply
