Sharks and Whales Spend $18 Billion on #BTC Before $100,000
As Bitcoin trades near $70,000, most investors expect a price rise. Large whale buildup caused most of this rise, according to on-chain statistics.
Bitcoin has several whale addresses with hundreds of millions of dollars and market-moving transactions. Further, on-chain data shows that the accumulating pattern has spread to the next generation of traders. Trading addresses, nicknamed as “Sharks,” contain 100–1,000 BTC. Glassnode data shows shark wallet addresses have amassed 268,441 $BTC in 30 days, the largest net position shift since 2012.
BTC accumulation rises
According to a Glassnode graphic released on social media by crypto expert James Van Straten, shark investors bought more Bitcoin in 2024 after a multi-year consolidation since 2020. In 30 days, these addresses gained 268,441, or $18 billion.
These sharks don't have as much impact over pricing as enormous whales, but their combined behavior is nevertheless worth watching since it reflects investor opinion. This big accumulation tendency might lead to increased purchasing, indicating a prolonged Bitcoin price rise.
Bitcoin whales (addresses owning more than 1,000 BTC) have increased their activity in recent days, signifying market positioning. Several Whale notifications transaction notifications indicate whale addresses moving strategically.
The crypto whale transaction tracker shows $1.3 billion in BTC transferred between whale addresses in 24 hours. A $252 million transfer of 3,599 BTC between two unknown wallets was remarkable. Another big movement was 3,118 BTC from an unknown wallet to Coinbase Institutional.
#Bitcoin To $100,000?
With its exchange net transfer pattern, IntoTheBlock confirms this accumulating tendency. The preceding week saw exchanges withdraw $16.18 billion compared to $15.76 billion inflow, according to ITB data. Bitcoin is at $67,931 and hasn't broken $70,000 again.
The accumulation by whales and sharks, institutional investor interest in Spot Bitcoin ETFs,
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