Bitcoin Sharks Stack At Fastest Pace In 13 Years, With BTC Down 30%

Past record spikes in Bitcoin accumulation preceded major rallies, including a 900% surge in 2012 and a 350% rise in 2011.

Bitcoin (BTC) is down 30% from its $126,200 peak, trading just above the $85,000 support and fueling concerns of a deeper pullback toward the $70,000 region. Still, onchain data showed institutions and high-net-worth individuals were accumulating BTC.

Bitcoin sharks accumulated aggressively at 2012-level speeds, signaling a dip-buying trend.

Heavy selling by long-term and OG whales continued to cap upside, keeping near-term downside risks elevated.

Bitcoin “sharks,” entities holding between 100 and 1,000 BTC, increased their collective holdings to about 3.575 million BTC from 3.521 million BTC over the past seven days, absorbing 54,000 BTC from smaller holders, according to Glassnode.

The move marked the fastest pace of shark accumulation since 2012, suggesting strong bullish conviction among higher-net-worth individuals and institutional players despite BTC’s 30% drawdown.

Related: Bitcoin to hit new all-time high within 6 months: Grayscale

In 2012, a comparable surge in Bitcoin accumulation preceded one of its earliest major rallies, with BTC climbing to above $100 from about $10 within a year, marking a 900% increase.

A similar pattern played out in 2011, when aggressive accumulation by mid-sized holders followed Bitcoin’s 350% rise to over $14 from below $3.

A repetition of this historical fractal would favor further upside.

Source: CoinTelegraph