Recent insights from Glassnode's senior researcher, CryptoVizArt, reveal that the surge in Bitcoin shark supply is not stemming from organic market activity. Instead, it appears to be a result of internal reallocations among major custodial entities, as the publication provides the following information: this trend indicates a strategic shift rather than a response to market demand.
Bitcoin Sharks Increase Holdings
Since November 16th, the total balance held by Bitcoin sharks has increased from 333 million BTC to 360 million BTC, marking a rise of 270,000 tokens. However, this uptick may not signify true net accumulation, as it is likely due to larger entities redistributing their assets across various wallets.
Analysis of Shark Accumulation
The analysis indicates that approximately 90% of the observed shark accumulation is attributed to these internal movements, rather than new investments from smaller holders. As of now, Bitcoin's price stands at around $87,300, reflecting a decline of over 3% in the past week.
Despite recent insights into Bitcoin's shark accumulation, the crypto market is facing ongoing struggles, as highlighted in a recent report. For more details, see market challenges.
