Express
Analysis: Bitcoin Retreats 30%, Shark Addresses Increasing Holdings at Fastest Rate in 13 Years
Summary: According to reports from Cointelegraph, as Bitcoin retraces about 30% from its high of $126,000 and hovers around the key support level of $85,000, on-chain data shows that medium-sized holders and some institutional funds are accelerating accumulation. Glassnode data shows that shark addresses holding 100-1,000 BTC accumulated approximately 54,000 BTC in the past week, increasing ...
According to reports from Cointelegraph, as Bitcoin retraces about 30% from its high of $126,000 and hovers around the key support level of $85,000, on-chain data shows that medium-sized holders and some institutional funds are accelerating accumulation.
Glassnode data shows that shark addresses holding 100-1,000 BTC accumulated approximately 54,000 BTC in the past week, increasing their total holdings from around 3.521 million BTC to 3.575 million BTC. The rate of accumulation is the fastest since 2012, indicating significant bottom-fishing behavior amidst a significant pullback.
However, the upside potential in the market is still constrained by selling pressure from larger holders. Data shows that long-term and OG whale holders with over 10,000 BTC have been reducing their holdings over the past two months. Charles Edwards, founder of Capriole Investments, pointed out that record institutional buying is being absorbed at a pace unseen in years by long-term holders, potentially continuing to suppress Bitcoin price performance in the short term.
In addition, veteran trader Peter Brandt warned that Bitcoin has broken below a key parabolic support line, raising the risk of a deeper retracement if historical patterns repeat.
Tags:
Link: Analysis: Bitcoin Retreats 30%, Shark Addresses Increasing Holdings at Fastest Rate in 13 Years [Copy]
