Over the past 30 days, the Bitcoin (BTC) ecosystem has experienced a remarkable rally in accumulation, with approximately 88,000 BTC amassed on a net basis. This intense accumulation, observed throughout September, is notable as it represents about seven times the monthly Bitcoin issuance of approximately 13,500 BTC. Such levels of accumulation have not been seen since Q4 2023, a time marked by a rapid increase in Bitcoin’s price.
Analysis reveals that retail investors, particularly smaller holders, are significantly contributing to this trend. Investors with less than 10 BTC, known as “crabs” (holding 1 to 10 BTC) and “shrimps” (holding less than 1 BTC), have collectively acquired 35,000 BTC in the last month. This retail accumulation trend has been building since May, highlighting the growing confidence and engagement of smaller investors in the market.
Additionally, a substantial outflow of Bitcoin from exchanges has occurred, with around 40,000 BTC leaving platforms in the past 30 days. This trend indicates reduced liquidity, as withdrawals suggest that holders plan to keep their Bitcoin off the market, thereby decreasing selling pressure. Notably, 74% of the circulating supply is now considered illiquid, creating a bullish environment for potential price increases.
The combination of robust retail accumulation and significant exchange outflows suggests that Bitcoin’s upward momentum may continue to strengthen in the coming months.
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