On-chain data shows the Bitcoin sharks and whales have continued to hold strong despite the asset's price surge.
Bitcoin (BTC) sharks and whales have been identified as accumulating BTC over the past month, despite the recent bearish price action.
On-Chain Data Shows Sharks & Whales Have Been Buying BTC
One interesting piece of data highlighted by the analytics firm is the net change in the Bitcoin supply held by investors with 10 to 10,000 BTC. This group includes both sharks and whales, who are known for their large holdings of the asset.
According to the firm, these investors have added a total of 133,300 tokens to their holdings over the past month. This accumulation has continued even as BTC slid lower from its all-time high.
The coins that these holders have been buying must have come from somewhere. According to Santiment, the source of the tokens is the smaller investors (less than 10 BTC) impatiently selling to the large hands.
A visual representation of this accumulation can be seen in the following chart shared by Santiment.
Bitcoin investors with 10 to 10,000 BTC have been accumulating
The importance of this indicator lies in the fact that it can be used to gauge the sentiment of large investors towards Bitcoin. A sustained increase in the supply held by this group would indicate their confidence in the asset and could be bullish for BTC.
However, a reversal in this indicator could lead to a bearish outcome instead, as it would imply that the key holders have decided to sell the asset.
BTC Price
At the time of writing, Bitcoin is trading at around $60,100, down 2% over the past week.
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