Almost all Bitcoin investors are expecting continued price surges as trading in the cryptocurrency continues. The price is around $70,000. On-chain data shows that much of this surge is Accumulation by large whales.
Bitcoin undoubtedly has many tradable whale addresses that can hold hundreds of millions of dollars and move markets. However, on-chain data further revealed that the accumulation trend is also flowing into the next set of traders. These traders, also known as “sharks,” are addresses that hold between 100 BTC and 1,000 BTC. According to Glassnode data, Shark wallet addresses have accumulated 268,441 BTC over the past 30 days, the largest net position change since 2012.
BTC accumulation increases
According to the Glassnode chart: Shared on social media Bitcoin accumulation by shark investors surged in 2024, reversing multi-year consolidation since 2020, according to cryptocurrency analyst James Van Straten. As a result, these addresses increased their holdings by 268,441 in 30 days, translating to roughly $18 billion.
Although these sharks do not have as much individual power over price fluctuations as very large whales, their collective behavior is still worth monitoring because it is linked to price fluctuations. sentiment among investors. As a result, this trend of large-scale accumulation can lead to more purchases, which Bitcoin’s price continues to surge.
Source: Glassnode
The surge in accumulation is hardly surprising. Bitcoin ETF Spot In the United States, it sparked a bigger wave of accumulation sentiment from all groups of Bitcoin investors. As another analyst pointed out on social media, this shark accumulation may have occurred because the ETF was purchasing massive amounts of Bitcoin from the Coinbase OTC desk.
Bitcoin whales (addresses holding more than 1,000 BTC) have also increased their activity over the past few days, signaling their strategic positioning in the market. Whale Alerts’ various transaction alerts reveal the strategic movements of whale addresses.
Notably, the cryptocurrency whale transaction tracker revealed $1.3 billion worth of BTC exchanged between whale addresses in the past 24 hours. Among these large-scale BTC movements, 3,599 BTC worth $252 million were seen transferred between two unknown wallets. Another notable transaction was the transfer of 3,118 BTC from an unknown wallet to Coinbase Institutional.
Bitcoin at $100,000?
IntoTheBlock’s data also repeated this accumulation trend with the exchange’s net transfer trend. Data from the ITB platform Over the past seven days, the exchange saw outflows of $16.18 billion against inflows of $15.76 billion. Bitcoin is currently trading at $67,931 and has failed to stabilize above $70,000 again.
However, due to the accumulation of whales and sharks, Spot Bitcoin ETFs are attracting mainstream interest from institutional investors, We’re getting closer to half-life All point to the potential for significant price increases up to $100,000.
BTC price at $70,000 | Source: BTCUSDT on Tradingview.com
Featured image from BBC, chart from Tradingview.com
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