Shrimp, Crab, and Fish wallets, entities with up to 100 BTC, added about 19,300 BTC per month through early July. New issuance after the April halving runs at roughly 13,400 BTC a month, so the retail cohort alone now absorbs every coin miners create, with room to spare.
The report referred to the imbalance as “critical structural support” because it reduces tradable float and tightens the market even before institutional money arrives.
Exchange-traded fund (ETF) allocations amplified the squeeze. Spot products logged back-to-back daily creations above $1 billion for the first time on July 10 and 11. On July 10, issuers minted about 10,000 BTC while miners produced 450 BTC.
Cumulative inflows since July 8 reached $2.72 billion, pushing assets under management across the 11 US funds past $140 billion.
Wallet-level data revealed that short-term holders, many of whom are new market entrants, triggered the breakout. However, retail accumulation laid the groundwork by draining exchange balances for months.
Once price cleared $110,000, ETFs and macro-hedge desks accelerated buying, locking in two record inflow sessions while Bitcoin’s float sat near cycle lows. The report noted that BlackRock’s IBIT reached $80 billion in assets faster than any ETF in history, yet grassroots demand “continues to outpace issuance by a wide margin.”
The report framed Bitcoin as a “high-beta safe haven.” The token led risk-off recoveries after the April tariff shock, beating gold, equities, and major altcoins in the process.
Furthermore, the report argued that the convergence of bottom-up buying and top-down ETF allocations has altered the role of Bitcoin in portfolios.
Retail absorption limits downside by removing inventory, while regulated funds inject mechanical demand when allocations rebalance.
Together, they create what the report called a “structural bid” that underpins the new price range and could persist as long as issuance stays below grassroots intake.
Bitcoin’s most recent rally rested on everyday holders who accumulated faster than miners could mine new coins, priming the market for record ETF inflows and a fresh all-time high.
