Almost every Bitcoin investor expects the price to continue rising as the cryptocurrency continues to trade around the $70,000 mark. On-chain data has shown that a large portion of this increase is due to accumulation by large whales.
Undoubtedly, Bitcoin is home to many of these whale addresses with hundreds of millions of dollars and transactions that can move the market. However, on-chain data has further shown that the accumulation trend has also spread to the next cohort of traders. These traders, also called “Sharks,” are addresses that hold between 100 BTC and 1,000 BTC. According to data from Glassnode, Shark wallet addresses have accumulated 268,441 BTC in the last 30 days, marking the largest net position change since 2012.
Increased accumulation of BTC
Bitcoin accumulation by shark investors skyrocketed in 2024, reversing a multi-year consolidation since 2020, according to a Glassnode chart shared on social media by crypto analyst James Van Straten. As a result, these addresses increased their holdings by 268,441 in 30 days. That's roughly $18 billion.
Although these sharks do not have as much individual power over price action as very large whales, their collective behavior is still worth monitoring as it also has an impact on investor sentiment. Consequently, this strong accumulation trend could lead to more buying, which would signal a continued rise in the price of Bitcoin.
The surge in accumulation is not really surprising as the launch of spot Bitcoin ETFs in the US has sparked a larger wave of accumulation sentiment across all cohorts of Bitcoin investors. As another analyst pointed out on social media, this shark gathering could be due to ETFs buying large amounts of Bitcoin from Coinbase's OTC desks.
Bitcoin whales (addresses with more than 1,000 BTC) have also increased their activity in recent days, signaling strategic positioning in the market. Various transaction alerts from Whale Alerts have shown strategic movements of whale addresses.
Notably, the Crypto Whale Transaction Tracker revealed that $1.3 billion worth of BTC was exchanged between whale addresses in the last 24 hours. These large BTC movements included 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 to $100,000?
Data from IntoTheBlock has also confirmed this accumulation trend with their net transfer trend from exchanges. Data from the ITB platform shows an outflow of $16.18 billion from exchanges compared to an inflow of $15.76 billion in the last seven days. Bitcoin is currently trading at $67,931 and has failed to stabilize above the $70,000 mark.
However, accumulation by whales and sharks, increasing mainstream interest from institutional investors in spot Bitcoin ETFs, and the upcoming halving all point to the possibility of a significant price increase to $100,000.
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