Bitcoin Shrimps Racks Up More BTC; A Signal Of Bitcoin Bull Run?

Bitcoin Bull Run News: Bitcoin (BTC), the largest cryptocurrency made an astonishing comeback in the month of July by regaining the crucial $30k price level. On-chain data suggests this Bitcoin price surge wasn’t only powered by the whales’ accumulation but BTC shrimps evenly participated in this event.

Also Read: Singapore Seeks To Ban Crypto Lending, Staking For Retail Investors

Bitcoin Accumulation In Last Phase?

According to the Glassnode data, the Bitcoin Shrimp Cohort (addresses holding less than 1 BTC) moved ahead aggressively. The shrimps accumulated more than 33.4K Bitcoin monthly. It added that this accumulation has been one of the biggest movements done by Shrimps. However, this move brings the total coins held by the Shrimp holders to 1.33 million Bitcoin.

The On-chain depicts a good outlook for Bitcoin and the crypto market ahead. The current profit rate for Bitcoin’s circulating supply (15.079 million) stands over 79%. Bitcoin’s run up for $30k helped many holders to turn profitable after a long period of time. However, the supply in profit indicator plays a crucial role in defining the holders’ position in the market. Read More Bitcoin News Here…

Also Read: Bitcoin Whales Scoops 910k BTC; Good Chance To Breach $35k?

A Signal Of Bull Run?

Glassnode reported that Bitcoin realized capitalization is continuously occupying a regime of net capital inflows reaching to the peak of $396 billion. It suggests a significant amount going into expanding the valuation of the asset class. Meanwhile, the on-chain tracker has kept the magnitude of expansion outside the bull market relation.

Bitcoin price is up by more than 12% in the last 30 days. While BTC price has gained over 84% on the year to date (YTD) basis. Bitcoin is trading at an average price of $30,586, at the press time. Its 24 hour trading volume is up by 56% to stand at $12 billion.

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Ashish Kumar

Ashish believes in Decentralisation and has a keen interest in evolving Blockchain technology, Cryptocurrency ecosystem, and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching some thriller movie, or is out for some outdoor sports. Reach me at [email protected]

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