Axel Adler

Bitcoin “shrimps” are showing firm conviction that the price of Bitcoin is going to continue its uptrend, according to a crypto analyst.

Bitcoin wallets holding less than 1 BTC are expected to grow by approximately 9% in the near term as small-scale investors keep accumulating despite the asset breaking past the $100,000 mark, according to a crypto analyst.

“Despite being labeled as “shrimps,” these holders are showing strong confidence in Bitcoin’s growth, continuing to accumulate coins even at current price levels,” CryptoQuant contributor Axel Adler said in a Dec. 14 X post.

Shrimp wallets are an important indicator for crypto market participants to understand the level of “retail interest” in Bitcoin (BTC). Axel said that the average number of Shrimp addresses holding less than 1 Bitcoin currently stands at 323,000, an amount he expects to increase by a further 8.67% in the near term:

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The average monthly change in Bitcoin retail demand has waned over the last month, with one analyst noting it could be a precursor to a price surge seen earlier in 2024.

Average Bitcoin demand among retail investors has dropped to its lowest point in five months to levels last seen in January — which ended in a 75% surge over the following two months.

The average monthly change in demand for Bitcoin (BTC) among retail investors — those with up to $10,000 in transfer volume — has fallen to negative 17% over the last 30 days, according to data shared to X on June 10 by CryptoQuant author Axel Adler.

Adler added that “a similar previous drop to -18%” in January saw Bitcoin increase from $40,000 to $70,000 — when it surged after spot Bitcoin exchange-traded funds (ETFs) were approved in the United States, propelling Bitcoin to its mid-March $73,679 all-time high.

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