Bitcoin whales and sharks are aggressively accumulating BTC while sentiment diverges. On-chain analytics reveal contrasting hodler behavior amidst the ongoing bull market.
Bitcoin is causing a stir among hodlers as it approaches all-time highs, with a noticeable shift of coins towards larger players.
According to data from Glassnode, Bitcoin (BTC) whales are aggressively accumulating BTC at current price levels.
Major Players Increasing Holdings
Investors in Bitcoin have widely differing views on the current bull market, and recent on-chain data confirms this divide.
Glassnode's analysis of the net position change among various BTC hodler groups highlights a clear disparity between those with larger and smaller allocations.
The statistics were shared on X by well-known commentator Bitcoin Munger this week.
“What we witness in nature mirrors what we observe in markets,” he argued in his post.
According to Glassnode, both Bitcoin “whales” (entities holding 1,000 BTC or more) and “sharks” (entities holding between 100 BTC and 1,000 BTC) are actively accumulating coins.
Based on the movement of funds between whale wallets and exchanges, whales held approximately 84,000 BTC more than 30 days ago as of March 17.
Sharks, whose data is not centered on exchanges, significantly increased their exposure towards the end of February. As of March 17, their net position change over 30 days amounted to 244,000 BTC.
Both groups stand in stark contrast to Bitcoin “fish” — those holding between 10 BTC and 100 BTC — who have witnessed asset redistribution throughout this month.
Bitcoin Munger draws a clear conclusion.
“Smart money is entering the market, while less informed investors are exiting,” he noted.
“We anticipate a significant upward movement.”
"Unique Circumstances"
As reported by Cointelegraph, Bitcoin is currently experiencing turbulence as previous all-time highs present resistance.
While institutional investments persist, price discovery has been limited during this month.
However, Bitcoin Munger remains unperturbed when comparing the current price cycle to historical trends.
“In comparison to past cycles, the real excitement has yet to commence,” he asserted.
“In previous cycles, regret often stemmed from selling too late. In this cycle, it may be selling too early. These circumstances are unique.”
This article does not provide investment advice or recommendations. All investment and trading decisions involve risk, and readers should conduct their own research before making any decisions.