Bitcoin Shark Wallets Set New Record: Bullish Foreshadowing For 2025?

On-chain data shows that Bitcoin shark-sized wallets have climbed to a new all-time high recently, a sign that could be bullish for BTC.Key Bitcoin Investors Have Been In Accumulation Mode RecentlyAccording to data from the on-chain analytics firm Santiment, the total number of sharks on the Bitcoin network has registered an increase recently. The indicator of relevance here is the “Supply Distribution,” which tells us about the amount of BTC wallets that belong to a particular group.Addresses or investors are categorized into these cohorts based on the number of coins that they are carrying in their balance. For example, wallets holding 5 tokens are put into the 1 to 10 coins group.In the context of the current topic, the wallet range of interest is 100 to 1,000 BTC. At the current exchange rate, the lower end of the range converts to $10.5 million and the upper one to $105 million.Thus, the only addresses that would qualify for the cohort would be the ones belonging to the large traders. This group is popularly known as the sharks. The sharks are certainly not the largest entities on the network—that title belongs to the whales—but they are still influential due to their notable holdings.Below is the chart for the Bitcoin Supply Distribution shared by the analytics firm, which shows the data for these key investors over the last few months.As displayed in the graph, the Bitcoin Supply Distribution for the 100 to 1,000 coins group saw a sharp upwards trajectory during the last few weeks of 2024, implying a large amount of new shark-sized investors popped up on the network.The growth in the indicator has significantly slowed down this year, but it has nonetheless continued as the metric’s value has just set a new record of 15,777 addresses.Bitcoin has seen a pause in its bull run recently, so to see the sharks still be interested in buying the asset could naturally be a positive sign for things to come in the near future.The sharks haven’t been the only investors accumulating recently, as the analytics firm Glassnode has pointed out that the shrimps and crabs have also been seeing positive flows.The shrimps and crabs refer to the Bitcoin investors owning up to 1 and 10 BTC, respectively. As is apparent from the chart, these small entities have combined bought 25,600 BTC during the past month, which is equivalent to 1.9x the Monthly Issuance.The Monthly Issuance is the amount that miners have produced/mined over the last 30 days. Thus, it would appear that the retail investors have been absorbing almost twice as much supply as the miners have been minting.BTC PriceBitcoin has been moving sideways over the last few days as its price is still floating around the $105,100 level.Weiter zum vollständigen Artikel bei NewsBTC Weiter zum vollständigen Artikel bei NewsBTC