Almost every Bitcoin investor is expecting the price to rise as the crypto continues to trade Price tag around $70,000. On-chain data shows that a large part of this growth can be attributed to deposited by large whales.
Bitcoin is undoubtedly the home of these whale addresses with hundreds of millions of dollars and transactions that can move the market. However, on-chain data shows that the accumulation trend has also extended to the next group of traders. These traders, also known as “sharks”, have addresses ranging between 100 BTC and 1,000 BTC. According to Glassnode data, Shark wallet addresses have accumulated 268,441 BTC in the past 30 days, the largest net position change since 2012.
Increased accumulation of BTC
According to the glassnode chart Shared on social media According to crypto analyst James Van Straten, Bitcoin accumulation by shark investors increased in 2024 to reverse the multi-year consolidation since 2020. As a result, their holdings at these addresses increased by 268,441 in 30 days, converting to approximately $18 billion.
Although these sharks do not have as much individual power over price movement as much larger whales, their collective behavior is still worth monitoring because they are also related. sentiment among investors. As a result, this mass accumulation trend can lead to more purchases which a Bitcoin price continues to rise.
Source: Glassnode
The growth accruing from the launch is not really surprising Spot Bitcoin ETF Bitcoin investors in the US have seen a huge wave of hoarding sentiment from across the board. As another analyst pointed out on social media, this shark accumulation may have been caused by ETFs buying large amounts of bitcoins from the Coinbase OTC desk.
Bitcoin whales (addresses with more than 1,000 BTC) have also been increasing their activity over the past few days, signaling a strategic market position. Various trade alerts from Whale Alerts have shown strategic moves from whale addresses.
Notably, the crypto whale transaction tracker has seen $1.3 billion worth of BTC exchanged between whale addresses in the last 24 hours. Among these large BTC movements was a significant transfer of 3,599 BTC worth $252 million between two unknown wallets. Another notable transaction was the transfer of 3,118 BTC from an unknown wallet to Coinbase Institution.
Bitcoin to $100,000?
Data from IntoTheBlock also reiterated this accumulation trend with net transfer trends between exchanges. Data from ITB’s platform The exchange shows outflows of $16.18 billion compared to inflows of $15.76 billion over the past seven days. Bitcoin is now trading at $67,931 and has again failed to hold above $70,000.
However, the accumulation of whales and sharks, increasing mainstream interest from institutional investors through spot bitcoin ETFs and Approaching halfway All point to the possibility of a significant price increase 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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