Prepping For $100,000: Bitcoin Shark And Whales Spend Over $18 Billion To Buy BTC
31 March 2024 - 5:00AM
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Almost every Bitcoin investor is anticipating a continued price
surge as the crypto continues to trade around the $70,000 price
mark. On-chain data has shown a large part of this surge can be
attributed to the accumulation by large whales. Bitcoin is
undoubtedly home to a lot of these whale addresses holding hundreds
of millions of dollars and with transactions that can move the
market. However, on-chain data has further revealed that the
accumulation trend has also flowed into the next cohort 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 biggest net position change since 2012.
Increased Accumulation Of BTC According to a Glassnode chart shared
on social media by crypto analyst James Van Straten, Bitcoin
accumulation by shark investors shot up in 2024 to reverse a
multi-year consolidation since 2020. As a result, these addresses
increased their holdings by 268,441 in 30 days, roughly converting
to $18 billion. Related Reading: Crypto Expert Predicts
Massive Shiba Inu Run As Price Mirrors 2021 While these sharks do
not have as much individual power over price movement as very large
whales, their collective behavior is still worth monitoring as they
also relate to the sentiment among investors. Consequently, this
large accumulation trend could lead to more buying which would
signal a continued price surge for Bitcoin. Source: Glassnode The
surge in accumulation is not really surprising, as the launch of
Spot Bitcoin ETFs in the US has ushered in a bigger wave of
accumulation sentiment from all cohorts of Bitcoin investors. As
another analyst pointed out on social media, this shark
accumulation could’ve been due to ETFs purchasing massive amounts
of Bitcoins from Coinbase OTC desks. Bitcoin whales (addresses
holding more than 1,000 BTC) have also upped their activity in the
past few days, signaling strategic positioning in the market.
Various transaction alerts from Whale Alerts have shown strategic
movement from whale addresses. Notably, the crypto whale
transaction tracker has revealed $1.3 billion worth of BTC
exchanged between whale addresses in the past 24 hours. Among these
large BTC movements was a notable 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
Institutional. Bitcoin To $100,000? Data from IntoTheBlock has also
reiterated this accumulation trend with its net transfer trend from
exchanges. Data from ITB’s platform shows a $16.18 billion outflow
from exchanges as against a $15.76 billion inflow in the past seven
days. Bitcoin is now trading at $67,931 and has failed to stabilize
above the $70,000 mark again. Related Reading: Crypto Analyst
Predicts 600%-1000% Return For XRP, Here’s The Target However, the
accumulation by whales and sharks, increasing mainstream interest
from institutional investors through Spot Bitcoin ETFs, and the
approaching halving all point to the possibility of substantial
price appreciation 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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