Sharks Accumulate Massive Amount of Bitcoin
Bitcoin investors holding between 100 and 1,000 BTC (known as “sharks”) have been buying heavily in the past month. They’ve added a net 268,441 BTC to their wallets, worth approximately $18.6 billion. This is the largest accumulation by sharks since 2012.
Significance of Shark Activity
Sharks are smaller than whales (who hold over 1,000 BTC), but their behavior is still important to monitor. Their “net position change” measures the amount of BTC entering or leaving their wallets.
Recent Trends
In the past 30 days, sharks have made significant net purchases. This has contributed to the recent positive price action for Bitcoin, which has reached new all-time highs.
Exchange Outflows
Another bullish sign is the recent outflow of BTC from the Coinbase exchange. Investors are moving their coins into self-custody, suggesting they intend to hold them for the long term.
Current Bitcoin Price
Bitcoin’s price has been relatively stable in recent days, currently trading around $69,400.
