Bitcoin, the dominant digital asset globally in terms of market value, may be on the brink of a significant surge as major holders, often called "sharks," increase their accumulation of the cryptocurrency, suggesting a potential turnaround from the bearish market. According to blockchain data provider Santiment, wallets holding 10 or more BTC have been consistently buying Bitcoin in recent months.
Santiment highlighted in a statement that these larger wallets historically have a pattern of driving prices up during bullish periods and contributing to downturns when they offload their holdings.
The platform shared a graph depicting the behavior of these Bitcoin holders during both bullish and bearish phases. The data clearly indicates that these wallets start accumulating substantial amounts of BTC before each upward price movement.
Santiment confirmed that wallets with at least 10 BTC have acquired 154,560 coins over the past five months, signaling renewed interest in the digital asset following the bear market of 2022, which resulted in significant losses.
Starting from October 21, 2019, these wallets consistently gathered BTC despite market declines, a trend that continued until early 2022. Then, on February 16, 2022, there was a widespread sell-off of Bitcoin, leading to a sharp price decrease.
Since December 29, 2023, these wallets holding 10 BTC or more have resumed accumulating BTC, aligning with the approval of spot Bitcoin ETFs in the U.S. by the Securities and Exchange Commission.
May 2024, Cryptoniteuae