Since the price of Bitcoin is still hovering around $70,000, most investors expect a continuous increase in price. The significant accumulation of whales is largely responsible for this surge, according to on-chain data. Certainly, there are many of these large addresses in the Bitcoin world, with transactions capable of moving the market and hundreds of millions of dollars in their possession. However, on-chain data has shown that the accumulation trend has spread to the upcoming trading cohort. These traders, or “Sharks,” are addresses containing 100-1,000 Bitcoins. The largest net position change since 2012 has occurred, with 268,441 Bitcoins accumulating in shark wallet addresses over the past 30 days, according to Glassnode data.
Increase in Bitcoin Holdings
A chart from Glassnode posted by cryptocurrency expert James Van Straten on social media shows that shark investors’ holdings in Bitcoin have increased in 2024, reversing a consolidation that hadn’t occurred since 2020. As a result, the holdings of these addresses increased by 268,441 Bitcoins in just 30 days, or about $18 billion.
Although these sharks do not have the same individual control over price movement as very large whales, it is still important to keep an eye on their collective behavior because it also has an impact on investor sentiment. Therefore, this significant accumulation trend may encourage further purchases, indicating that the price of Bitcoin will continue to rise.
The past few days have seen increased activity from whales in the Bitcoin world, or addresses holding more than 1,000 BTC, indicating a deliberate stance in the market. Whale Alerts have shown strategic movement from whale addresses in several transaction alerts. Notably, the whale transaction tracker in the cryptocurrency world has shown that, in the last day, whale addresses have exchanged $1.3 billion worth of Bitcoin. One of these significant Bitcoin movements was a transfer of 3,599 BTC, or $252 million, between unidentified wallets. Another notable transaction was the transfer of 3,118 BTC from an unidentified wallet to Coinbase Institutional.
Will Bitcoin Reach $100,000?
This accumulation trend has also been supported by data from IntoTheBlock, which shows a net transfer trend from exchanges. Over the last seven days, exchanges have sent out $16.18 billion compared to $15.76 billion in inflow, according to data from ITB’s platform. At $67,931, Bitcoin is currently trading and has not been able to stay above the $70,000 threshold once more.