A collective of significant investors, often referred to as ‘sharks,’ acquired an astounding 65,000 BTC within a single week. This surge in buying activity contributed to Bitcoin’s price rebounding to $115,000 in just two weeks.
Shark wallets typically contain between 100 and 1,000 BTC. This group previously attracted attention during a substantial purchasing phase when Bitcoin was stabilizing around the $112,000 mark.
Sharks Amass 65,000 BTC in Just One Week
As reported by CryptoQuant analyst ‘XWIN Research Japan,’ the actions of short-term Bitcoin traders are currently exhibiting distinct signs of divergence.
In the past week alone, shark wallets have accumulated an impressive total of 65,000 BTC, raising their overall holdings to a record high of 3.65 million BTC. The analyst pointed out that while market fluctuations continue with volatility both upwards and downwards, there is concurrently a tightening supply of Bitcoin occurring.
This trend is corroborated by two crucial on-chain metrics: Long-Term Holder (LTH) Net Position Change and Exchange Netflow.
Bitcoin: Exchange Netflow. Source: CryptoQuant
A Supply Crunch Amidst Market Fluctuations
XWIN Research Japan elaborated that long-term holders have also been accumulating coins—a pattern historically associated with significant bull markets. The recent positive shift in the net position change for long-term holders (LTH), which tracks these movements over thirty days, reinforces this observation.
Bitcoin: Long-Term Holder Net Position Change. Source: CryptoQuant
The analyst noted that ongoing net outflows from exchanges lend support to this hypothesis. He indicated that investors are withdrawing their BTC from exchanges and transferring it into cold storage—suggesting that these shark investors are not participating in speculative short-term trades but rather actively reducing market supply.
XWIN Research Japan cautioned that while a short-term correction remains possible if derivatives leverage becomes excessive; he concluded by stating that the groundwork for Bitcoin’s next major upward movement is being established beneath current market volatility.
The article titled “Did ‘Sharks’ Push Bitcoin Above $115K in Two Weeks?” originally appeared on BeInCrypto.