From fish to whales: the accumulation of Bitcoin exceeds the emission of the miners

By Hannah Pérez

All are buying bitcoin and a restriction effect on the available circulating currencies is being created. Shrimp, crabs and fish lead accumulation: they buy BTC faster than miners extract.

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• All are buying bitcoin while the price is around the new maximum.
• Retail investors lead accumulation: they buy faster than miners extract.
• The accumulation of shrimp, fish, crabs and whales reduces the circulating offer.
• The dynamics of lower supply and greater demand drives Bitcoin upwards.

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Everyone has decided to buy as the price of Bitcoin (BTC) Round its new historical maximum.

Chain data provided by the chain analysis firm, Glassnodethey show that almost all wallet cohorts, –from those with less than 1 BTC to those with 10,000 BTC or more–they are currently accumulating Bitcoins.

In particular, the metrics show the accumulation tendency scores of 1, which reflects the relative force of net accumulation during the last 15 days, adjusted by the size of the wallet and the activity of the entity, he said COINDESK. A score close to 1 indicates that a cohort is accumulating BTC aggressively, while values closer to 0 suggest downloads.

A week ago, the index of accumulation of trends of Glassnode He showed that wallets with more than 10,000 BTC –frequently called whales– They were acquiring the largest cryptocurrency at an accelerated pace, going to a “aggressive accumulation mode “while the group with between 1,000 BTC and 10,000 BTC also imitated the dynamics.

Shrimp, fish and crabs lead the purchases

The latest data now reflect the incorporation of smaller wallets into the cumulative dynamics of Bitcoin. This change occurs after a brief sales period, indicating a modification in retail investors and a potential change in the broader feeling of the market.

The return of smaller wallets with less than 100 BTC –A broad cohort known as shrimp, crabs and fish– To accumulation, it suggests renewed confidence or belief in the long -term potential of Bitcoin.

In particular, BTC addresses with small participations are playing a leading role in promoting this trend as cryptocurrencies are acquiring faster than miners can extract them.

A report from Bitfinex illuminate this unusual behavior, highlighting that Retail investors are acquiring Bitcoin At a rate of 19,300 BTC per month, while the miners produce only 13,400 BTC per month.

The active participation of small investors reflects a process of democratization in the adoption of Bitcoin and confirm that this cycle is undoubtedly different from previous cycles. After the halving of April 2024, the issuance of new BTC was reduced by half, which has intensified the pressure on the supply. Retail accumulation and whales, combined with this reduction, now create a restriction effect on available circulating currencies, where demand exceeds supply.

Accumulation and reduced offer is equal to bullish cocktail

The difference of approximately 5,900 BTC per month indicates a significant pressure on the available supply, which could be contributing to the increase in price of Bitcoin Towards new maximums (ATH). The largest cryptocurrency broke a new USD record $ 123,000 in the graphics at the beginning of the week in the middle of an extended upward action in recent days.

This “Silent scarcity”It is a key bullish factor in the market And an indicator that investors are buying Bitcoin strongly regardless of the price, the investigators of Bitfinex.

The demand for this segment alone is more than enough to absorb the entire new offer

“This trend of accumulation at the cohort level supports the widest bullish narrative that the new buyers entering the Bitcoin market are independent buyers and accumulates relentlessly with limited intervals”they said.

COINDESK added in an article published Thursday that the unified purchase behavior between almost all cohorts of holders of Bitcoin It is something strange that was last observed in November 2024 and May 2025.

BTC is negotiated at USD $ 118,600 at the time of writing this article, 0.59% less in 24 hours and only 3.6% below its ATH.

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Hannah Estefanía Pérez / Diariobitcoin

Image generated with AI tool, under free use license

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