Bitcoin investors are buzzing with anticipation as the cryptocurrency hovers around $70,000. And it’s not just individual investors driving the surge.
Shark Accumulation
“Sharks,” or addresses holding 100-1,000 BTC, have been making waves. In the past 30 days, they’ve accumulated a whopping 268,441 BTC, equivalent to $18 billion. This is the biggest net position change since 2012!
Whale Activity
The big players, known as “whales,” are also getting in on the action. They’ve been making strategic moves, including a recent $1.3 billion exchange between whale addresses.
ETFs and Institutional Interest
The launch of Spot Bitcoin ETFs in the US has fueled even more accumulation. Analysts speculate that sharks may be buying large amounts of Bitcoin from Coinbase’s OTC desks.
Path to $100,000?
The accumulation by whales and sharks, coupled with growing mainstream interest and the upcoming halving, suggests that Bitcoin could be on track to hit $100,000. Data from IntoTheBlock shows a significant outflow of Bitcoin from exchanges, further supporting this possibility.
