2024-05-09 19:01:21
According to the latest data, investors holding between 100 and 1,000 BTC in the Bitcoin market – better known as “sharks” – have gone on an unprecedented buying spree in recent months.
Sharks are buying Bitcoin
Recently, the number of Bitcoin investors holding between 100 and 1,000 BTC has increased significantly. Analyst Willy Woo explained in detail in an article on social media platform in his entrance This phenomenon. The analysis shows that this group of wealthy investors has recently acquired a significant amount of Bitcoin. The lower limit of the amount of bitcoins they hold is currently worth around $6.2 million, and the upper limit reaches $62 million. The market activity of these investors has a significant impact on the dynamics of the Bitcoin market.
Market effects
Although the influence of sharks on the market is not as great as that of “whales”, who own more than 1,000 BTC, their importance is nonetheless considerable. A chart shared by Glassnode shows the growth in Bitcoin holdings of investors classified as sharks over the past few years. It is important to note that we are not talking regarding Bitcoin shares of individual addresses, but of groups of investors, i.e. entities.
Analyst opinion
The recent buying spree, while not the largest in Bitcoin history, represents the largest monetary value to date at current high prices of $60,000-$70,000. Some analysts, like Checkmate, question the naturalness of the purchases. According to him, this data concerns more small funds traded on exchanges (ETFs-s) can reflect its activity.
Willy Woo, meanwhile, raises counterarguments, arguing that ETF activity alone does not explain the growth and therefore there must be real market demand in the background. Nonetheless, Checkmate remains skeptical, finding it difficult to imagine a group of large investors buying billions of dollars of Bitcoin in such a short time, and instead suspects larger portfolio management activities to be behind this phenomenon. .
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