Bitcoin Shark Accumulation Overstated: Glassnode Researcher Debunks Narrative
A senior Glassnode researcher, CryptoVizArt.₿, has debunked the narrative of significant Bitcoin "shark accumulation," arguing it reflects internal wallet reshuffling rather than organic buying. Sharks (entities holding 100-1,000 BTC) saw their supply grow by 270,000 BTC since mid-November. However, this increase coincides with a nearly equivalent 300,000 BTC decrease in the holdings of the largest entities (100,000+ BTC), which include exchanges and custodians. The data strongly suggests the shark supply growth is due to large custodial entities like Coinbase redistributing holdings across wallets—a 640,000 BTC internal transfer was noted—and not from new investors accumulating. Consequently, over 90% of the apparent accumulation is attributed to this reshuffling. Meanwhile, Bitcoin's price hovers around $87,300.
bitcoinist12/19 08:08
