Bitcoin Sharks Amass 65K BTC Worth $7.3B in One Week, Reaching Record Holdings

Fresh data from blockchain analytics platform Glassnode shows that mid-sized Bitcoin investors have significantly increased their BTC holdings in recent times. 

The data shows that entities holding between 100 and 1,000 BTC, often referred to as sharks, have added approximately 65,000 BTC in the last seven days alone. At the current price of $113,595, their accumulation in the past week is equivalent to roughly $7.38 billion. 

This buying spree has brought their net monthly accumulation to 93,000 BTC, representing one of the most aggressive buying trends from this group in recent times. 

Sharks Now Control 18% of Bitcoin Supply 

Following the recent accumulation, this group currently holds a record 3.65 million BTC. For context, the total holdings of Bitcoin sharks represent about 18.32% of Bitcoin’s current circulating supply of 19.91 million coins. 

Although shark wallets are not as influential as institutional whales, their accumulation still has a meaningful impact on market dynamics. Their accumulation of Bitcoin reduces the liquid supply of BTC, putting upward pressure on the premier asset as demand soars. 

Moreover, the development signals confidence in Bitcoin’s near-term outlook. The surge in accumulation suggests that these mid-sized holders could be positioning themselves for a potential upside in BTC price. 

Investors Brace for the Next Leg of the Bull Run 

It comes as investors anticipate the next phase of the 2025 bull run. Bitcoin has already delivered an impressive 102% gain over the past year. It has spiked 22.1% year-to-date (YTD) and 40.6% over the past six months. 

Despite its impressive gains, industry stakeholders believe the leading cryptocurrency still has substantial room to rally before the end of this year. 

As reported earlier, Bitcoin bull Michael Saylor teased that Bitcoin could surpass $150,000 by this year’s Christmas. Saylor’s projection is conservative compared to the forecast issued by Tom Lee of Fundstrat, who predicts Bitcoin will reach $200,000 by Christmas. 

Other entities forecasting a Bitcoin rally toward the $150,000-$200,000 price range this year include Standard Chartered and blockchain research company Steno. Amid these bullish predictions, Bitcoin shark investors are accumulating the asset in anticipation of an upsurge toward these lofty targets. 

In the meantime, Bitcoin is still recovering from the recent downturn that sent its price crashing to $107,000 on September 1. Since then, Bitcoin has experienced consistent gains, climbing to $114,000 earlier today. It has retraced slightly from this level and currently changes hands at $113,595.