As Bitcoin continues to trade, almost all investors are expecting a price increase. around the $70,000 price mark. The data from on-chain shows that the majority of this increase can be traced to the accumulation by large whales.
Bitcoin certainly has many whale addresses, some of which hold millions in cash and have transactions that are able to move the markets. But on-chain information has revealed the trend of accumulation has spread into the next These traders are also known as a cohort. The traders are also called “Sharks,” These are addresses with between 100 BTC to 1,000 BTC. Glassnode statistics show that addresses with shark wallets have amassed 268,441 BTC during the last thirty days. That is the highest net position shift since 2012.
BTC Accumulation Increased
Glassnode Charts can be used to determine the current status of a system. shared on social media Crypto analyst James Van Straten has noted that Bitcoin accumulation in shark investor accounts exploded from 2024 onwards, ending a consolidation period of several years. These addresses have increased their Bitcoin holdings in the last 30 days by 268.441, which is roughly equivalent to 18 billion dollars.
Although these sharks don’t have the same individual influence on price movements as whales of great size, they still deserve to be monitored as their behavior also relates to. sentiment among investors. This large accumulation could result in more purchases, which could signal an increase of buying. continued price surge for Bitcoin.
Glassnode
It is no surprise that the accumulation of money has increased, given the recent launch Spot Bitcoin ETFs The US is now seeing a larger wave of Bitcoin accumulation from the entire cohort of Bitcoin investors. This shark-like accumulation, as another analyst noted on social media was due to the fact that ETFs purchased massive amounts of Bitcoins at Coinbase OTC Desks.
Bitcoin whales have been increasing their activity over the last few days. They are signaling a shift in market positioning. Whale Alerts has shown strategy in whale address transactions.
The crypto whale transaction tracking tool has shown that whale addresses have exchanged BTC worth $1.3 billion in the last 24 hours. A notable BTC transfer worth $252 million was made between two unidentified wallets. A third notable transaction involved the transfer of 3118 BTC by an unknown wallet from Coinbase Institutional.
Bitcoin to $100,000?
Data from IntoTheBlock also confirms the accumulation trend, with their net transfer trend. Data from ITB’s platform The data shows that exchanges have lost $16.18 Billion in comparison to the $15.76 Billion inflow they received in the last seven days. Bitcoin has now reached $67,931 but is still struggling to reach the $70,000 level.
There are several factors to consider, including the growing interest of institutional investors in Bitcoin Spot ETFs as well the increased accumulation by sharks and whales. approaching halving All point out the potential for a substantial increase in price to $100,000.
Source:| Source: BTCUSDT on Tradingview.com
Chart by Tradingview.com. Image from BBC.
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