Almost all bitcoin investors anticipate a continued price increase as the cryptocurrency continues to trade. around $70,000. On-chain data has shown that a large portion of this increase can be attributed to the bitcoin-whales-7-billion-shopping-spree-new-ath/” rel=”nofollow”>accumulation by large whales.
Without a doubt, bitcoin is home to many of these whale addresses containing hundreds of millions of dollars and potentially market-moving transactions. However, on-chain data has further revealed that the accumulation trend has also flowed to the next cohort of traders. These traders, also known as “Sharks”, are addresses that hold between 100 btc and 1000 btc. According to Glassnode data, shark wallet addresses have accumulated 268,441 btc in the last 30 days, which is the largest net position change since 2012.
Higher btc accumulation
According to a Glassnode chart x.com/jvs_btc/status/1773624811098378326?s=20″ rel=”nofollow”>shared on social networks According to crypto analyst James Van Straten, bitcoin accumulation by shark investors skyrocketed in 2024 to reverse a multi-year consolidation since 2020. As a result, these addresses increased their holdings by 268,441 in 30 days, becoming approximately $18 billion. .
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 it also relates to the bitcoin-at-crossroads-time-to-hold-or-take-profit/” rel=”nofollow”>sentiment among investors. Consequently, this large accumulation trend could lead to more purchases, which would indicate a continued rise in bitcoin price.
<img decoding="async" class="alignnone wp-image-600500 aligncenter" src="https://technicalterrence.com/wp-content/uploads/2024/03/Bitcoin-Sharks-and-Whales-Spend-Over-18-Billion-to-Buy.png" alt="bitcoin” width=”585″ height=”328″ srcset=”https://www.newsbtc.com/wp-content/uploads/2024/03/Bitcoin_601223.png?w=512 512w, https://technicalterrence.com/wp-content/uploads/2024/03/Bitcoin-Sharks-and-Whales-Spend-Over-18-Billion-to-Buy.png 460w” sizes=”(max-width: 585px) 100vw, 585px” loading=”lazy” data-recalc-dims=”1″/>
Source: Glassnode
The buildup increase isn't really surprising, since the release of bitcoin Spot ETF in the US has ushered in a larger wave of accumulation sentiment from all groups of bitcoin investors. As another analyst pointed out on social media, this shark buildup could have been due to ETFs purchasing massive amounts of Bitcoins from Coinbase's OTC desks.
bitcoin whales (addresses holding more than 1,000 btc) have also increased their activity in recent days, indicating strategic positioning in the market. Several Whale Alerts trade alerts have shown strategic moves from whale addresses.
Notably, the crypto whale transaction tracker has revealed $1.3 billion worth of btc exchanged between whale addresses in the last 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 at $100,000?
IntoTheBlock data has also reiterated this accumulation trend with its net transfer trend from exchanges. btc” rel=”nofollow”>ITB platform data shows an outflow of 16.18 billion dollars from the stock markets compared to an inflow of 15.76 billion dollars in the last seven days. bitcoin is now trading at $67,931 and has failed to stabilize above the $70,000 mark again.
However, accumulation by whales and sharks, increased general interest from institutional investors via bitcoin Spot ETFs, and approaching the middle all point to the possibility of substantial price appreciation to $100,000.
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btc price at $70,000 | Source: BTCUSDT on Tradingview.com
Featured image from BBC, chart from Tradingview.com
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