‘Sharks’ Add $4.7 Billion in Bitcoin as Low Prices Attract Smaller HODLers ⋆ ZyCrypto
The post ‘Sharks’ Add $4.7 Billion in Bitcoin as Low Prices Attract Smaller HODLers ⋆ ZyCrypto appeared on BitcoinEthereumNews.com.
Advertisement Bitcoin’s recent price drop below $90k has given “sharks” an opportunity to increase their reserves at a discounted rate. The largest cryptocurrency by market capitalization is currently trying to shake off a flash crash to $85k over the last 48 hours and is changing hands around $87k at press time. While there are growing fears that a price dump to $70k is in the cards, long-term holders like sharks and Microstrategy are continuing to make massive purchases. What are Bitcoin “Sharks”? In Bitcoin terminology, sharks refer to market makers, such as high-net-worth individuals, trading desks, or institutions, that hold anywhere between 100 BTC and 1,000 BTC. They are mid-level investors, just below “whales,” but large enough to influence market sentiment and price movements through their on-chain activity. According to statistics from major analytics website Glassnode, sharks are sharply increasing their BTC purchases around the current spot levels. Based on this graph, the total BTC holdings of these mid-level players have increased from 3.52 million BTC to 3.57 million BTC, representing an increase of 54,000 BTC ($4.7 billion) in the last 7 days alone. The sudden spike is evident on the graph, indicating the confidence these investors have in the premier digital asset despite the rising odds of a pending downturn. Sharks Buying, Whales Selling While sharks were busy buying the dip, big players, aka whales, dumped a large amount of BTC in the market, which resulted in the current bearish setup. Here is the net change in their fortunes over the last 4-5 years: Advertisement The graph indicates that both small whales (10k-100k BTC) and large whales (>100k BTC) have engaged in significant selling activity over the last two months, resulting in the current bearish setup. The trend for the smaller whales is even…
