The Bitcoin shark generation has engaged in its biggest accumulating binge since 2012, according to on-chain data, within the last month.
Over 268,000 BTC Have Been Purchased by Bitcoin Sharks in the Past MonthBitcoin businesses holding between 100 and 1,000 BTC have made some significant net buying moves in the last month, as analyst James Van Straten details in a recent post on X.
As identified by analysis conducted by the on-chain analytics company Glassnode, a "entity" in this context is a group of addresses that belong to the same investor.
Known as "sharks," these entities possess between 100 and 1,000 Bitcoin, which, depending on the asset's current exchange rate, translates to between $6.93 million to $69.3 million.
The fact that these investors are carrying such large sums of money indicates that they ought to be significant for the market as a whole. Still, compared to whales, who usually inhabit the range above 1,000 BTC, these sharks are smaller and less significant.
The total amount of net purchases made by the sharks in the last 30 days is around 268,441 BTC, or almost $18.6 billion. The biggest accumulation these holders have made since far back in 2012 is this astounding sum.
The present shark accumulation would be the most amazing in the asset's history due to the massive quantity of capital involved, as the price of Bitcoin was a tiny fraction of what it is today.
It's hardly surprising that Bitcoin has had a good month, hitting new all-time highs in its price, given the high degree of accumulation.
March 2024, Cryptoniteuae