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Recent on-chain data indicates that bitcoin wallets belonging to shark-sized investors have reached a new record high, a potential bullish signal for BTC .
Major
Bitcoin Investors Are Accumulating Again
Data from the on-chain analytics platform Santiment reveals a surge in the number of shark wallets on the Bitcoin network. A key measure here is the“Supply Distribution ,” which illustrates how BTC is distributed among different wallet groups.
Investors are grouped into these cohorts based on their Bitcoin wallet balances. For instance, wallets that hold 5 BTC fall into the 1 to 10 BTC category.
In this context, the focus is on wallets containing between 100 and 1,000 BTC . At current market prices, the lower limit equates to approximately $10.5 million, while the upper limit reaches around $105 million.
Thus, only addresses from large traders fit within this cohort, commonly referred to as sharks . While they are not the largest holders on the network-that title goes to whales-they still hold significant influence due to their substantial cryptocurrency holdings.
Below is a chart of Bitcoin Supply Distribution shared by the analytics firm, showcasing key investor trends from recent months.
The chart reveals that the number of wallets holding between 100 and 1,000 BTC has seen a notable upward trend in the last few weeks of 2024, indicating a substantial increase in the presence of new shark-sized investors on the network.
While the growth rate of this indicator has significantly tapered off this year, it has still continued to rise, and the number of addresses has just reached a record high of 15,777.
As Bitcoin seems to have halted its bull run recently, the ongoing interest from shark investors in purchasing the cryptocurrency could be a promising indication of future movements.
Additionally, sharks are not the only ones accumulating Bitcoin at this time; analytics firm Glassnode has highlighted that smaller investors, referred to as shrimps and crabs, are also experiencing positive inflows.
Shrimps and crabs are Bitcoin investors who own up to 1 BTC and between 1 and 10 BTC , respectively. Notably, these smaller entities have collectively purchased 25,600 BTC over the past month, which is 1.9 times the Monthly Issuance.
The Monthly Issuance represents the quantity of Bitcoin that miners have produced over the last 30 days. This suggests that retail investors have been absorbing nearly double the supply compared to what miners have been generating.
BTC Price Movement
Recently, Bitcoin 's price has stabilized, hovering around the $105,100 mark.
Crypto Investing Risk Warning
Crypto assets are highly volatile. Your capital is at risk.
Don't invest unless you're prepared to lose all the money you invest.
This is a high-risk investment, and you should not expect to be protected if something goes wrong.
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