4/25/24: BTC Shrimps on the Rise 🍤📉⏳

Author

Valko
April 25, 2024

Top News

  1. BTC wallets holding >$1k hit an all-time high of 10.6M

  2. Renzo ezETH depegs 18.3% after tokenomics announcement

  3. SEC expected to deny spot ETH ETFs next month

Specs’ Breakdown

1. BTC wallets holding >$1k hit an all-time high of 10.6M

⌐◪-◪ → The number of Bitcoin wallets holding at least $1,000 has soared to a record 10.6 million, doubling over the past year.

This marks a significant milestone for Bitcoin adoption among average users, often classified in crypto lingo as “shrimp” or "plankton."

More specifically, here’s how crypto likes to refer to different wallet/user sizes:

  • over 1,000 BTC → whale

  • over 1 BTC → shrimp

  • between 0-1 BTC → plankton

As for why we used a marine hierarchy here, your guess is as good as mine — but I like it.

With that said, despite the rise in smaller wallet holders, Bitcoin "whales" (those holding over 1,000 BTC) continue to accumulate more, indicating strong ongoing demand at higher levels of wealth.

If you want to go deeper on these metrics, check out Fidelity’s full Signals Report here.

2. Renzo ezETH depegs 18.3% after REZ tokenomics

⌐◪-◪ → Renzo Protocol’s ezETH depegged yesterday, dropping as low as $1,600 amid criticism of their airdrop plans.

For context: Renzo is the second largest LRT with 1M ETH staked, 33.5% market share vs. EtherFi’s 37.9%

For a detailed post-mortem of the event, check out this thread by @SudipanSinha.

The real takeaway here is, DeFi risk management is troubled.

3. SEC expected to deny spot ETH ETFs next month

⌐◪-◪ → The SEC is expected to deny spot Ether ETFs next month according to various news reports, including Reuters.

Issuers have allegedly had “discouraging meetings” with the agency recently according to four people who participated in the meetings.

While this is a bummer, especially as Ether ETFs get official approval in Hong Kong, the SEC is merely delaying the inevitable at this point.

If the US doesn’t move quickly here, we may lose ground in the global blockchain innovation race — which in my opinion is just bad for economic strength and national security.

Everything Else

⛓️ Crypto & DeFi

  • Square to let sellers automatically convert revenue to BTC

  • Hedra surges 107% on misleading BlackRock partnership

  • Former Binance CEO CZ apologies ahead of sentencing

  • Figment passes $15B staked, after 5x growth in Q1

🏦 Wallstreet & VC

🏛️ Legal & Regulatory

  • Stablecoin bill could be ready for the US House soon

  • Fed arrests founder of BTC mixer Samourai Wallet

  • New regulation could end Tether’s stablecoin dominance

🌎 Rest of the World

🖼️ NFTs & Metaverse

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