Bitcoin sharks stack at the fastest pace in 13 years, with BTC down 30%
Bitcoin (BTC) has declined 30% from its peak of $126,200 and is trading just above $85,000, raising concerns of a further drop toward $70,000. Despite this, on-chain data shows that mid-sized holders, known as "sharks" (holding 100–1,000 BTC), accumulated 54,000 BTC in the past week—the fastest pace since 2012. This suggests strong buying interest from high-net-worth and institutional investors during the dip. Historically, similar accumulation patterns in 2011 and 2012 preceded major rallies.
However, large whales (holders of 10,000+ BTC) have been significant sellers over the past two months, creating selling pressure that outweighs shark demand. Analysts note record institutional buying is being absorbed by long-term holders selling at unusually high rates. This imbalance may cap near-term upside. Additionally, a breakdown below parabolic support could lead to further declines, with one analyst suggesting a potential drop to $25,000 if historical patterns repeat.
cointelegraph12/16 08:19