Investors holding 100 to 1,000 units of Bitcoin (BTC), better known as “sharks,” rapidly accelerated their purchases. They made the biggest move in over a decade, according to Glassnode data.
In the past 30 days, these large holders They purchased approximately 270,000 BTCequivalent to approximately $23 billion (US dollars). This is the group’s largest net acquisition in the past 13 years.
To get an idea of the magnitude of demand, it should be noted that such shark accumulation represents 1.3% of Bitcoin’s total supply. “Very few people talk about what it actually means,” stressed the analyst, who calls himself “No Limit.”
“It’s not just that they buy, it’s when they buy that matters,” the expert said. Historically, the accumulation of this species of shark has been Occurs at uncertain times, not at peak prices. In other words, Bitcoin is likely to continue rising.
The chart below shows the amount of BTC held by Sharks (orange line) and the price of BTC (white line). Blue sectors reflect the intensity of changes in possessions.
In the opinion of analysts, this is the type of positioning that takes place silently, when most people are distracted by other things and do not pay attention to the input. “So does that mean Bitcoin will go up tomorrow?” “Absolutely not!” he clarified.
What that means, he said, is that holders with the longest investment horizons are aggressively adding exposure, while everyone else is complaining that their shitty coin isn’t going up.
As reported by CriptoNoticias, Bitcoin is currently trading at prices not seen a month ago due to its rally.
