Almost all Bitcoin investors expect the price to continue rising as the cryptocurrency continues to trade. Price range around $70,000.On-chain data shows that much of this surge Accumulation by large whales.
Bitcoin undoubtedly has many of these whale addresses holding hundreds of millions of dollars and with potentially market-moving trades. However, on-chain data further revealed that the accumulation trend is also flowing into the next group 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 in the past 30 days, which is the largest net position change since 2012.
Increase in BTC accumulation
According to Glassnode's chart shared on social media Bitcoin accumulation by shark investors will skyrocket in 2024, reversing a multi-year consolidation since 2020, according to crypto analyst James Van Straten. As a result, these addresses increased their holdings by 268,441 points in 30 days, translating into approximately $18 billion.
Although these sharks individually do not have as much influence over price movements as very large whales, their collective behavior is still worth monitoring. Investor psychology. Therefore, this massive accumulation trend may lead to further buying, which could lead to Bitcoin price continues to soar.
Source: Glassnode
The surge in accumulation isn't all that surprising. Spot Bitcoin ETF In the US, it has led to a larger wave of cumulative sentiment from all tiers of Bitcoin investors. As another analyst pointed out on social media, this shark build-up could be due to the ETF purchasing large amounts of Bitcoin from Coinbase's OTC desk.
Bitcoin whales (addresses holding more than 1,000 BTC) have also become more active in recent days, indicating their strategic position in the market. Whale Alerts' various transaction alerts indicate strategic movements from whale addresses.
Remarkably, the crypto whale's transaction tracker revealed $1.3 billion worth of BTC exchanged between the whale's addresses in the past 24 hours. Among these large-scale movements of his BTC was a notable transfer of 3,599 BTC worth $252 million between two unknown wallets. Another notable transaction was a transfer of 3,118 BTC from an unknown wallet to Coinbase Institutional.
Will Bitcoin reach $100,000?
IntoTheBlock's data also repeats this cumulative trend in net transfer trends from exchanges. Data from ITB's platform It shows an inflow of $15.76 billion versus an outflow of $16.18 billion from the exchange over the past seven days. Bitcoin is currently trading at $67,931, but has failed to stabilize above $70,000 again.
However, accumulation by whales and sharks has led to increased mainstream interest from institutional investors through Spot Bitcoin ETFs. approaching half-reduction Both suggest the price could rise significantly to $100,000.
BTC price at $70,000 | Source: BTCUSDT on Tradingview.com
Featured image from BBC, chart from Tradingview.com
