On-chain data shows that Bitcoin shark-sized wallets have climbed to a new all-time high recently, a sign that could be bullish for BTC.<\/p>\n
According to data from the on-chain analytics firm Santiment<\/a>, the total number of sharks on the Bitcoin network has registered an increase recently. The indicator of relevance here is the \u201cSupply Distribution<\/a>,\u201d which tells us about the amount of BTC wallets that belong to a particular group.<\/p>\n Addresses or investors are categorized into these cohorts based on the number of coins that they are carrying in their balance. For example, wallets holding 5 tokens are put into the 1 to 10 coins group.<\/p>\n In the context of the current topic, the wallet range of interest is 100 to 1,000 BTC. At the current exchange rate, the lower end of the range converts to $10.5 million and the upper one to $105 million.<\/p>\n Thus, the only addresses that would qualify for the cohort would be the ones belonging to the large traders. This group is popularly known as the sharks<\/a>. The sharks are certainly not the largest entities on the network\u2014that title belongs to the whales\u2014but they are still influential due to their notable holdings.<\/p>\n Below is the chart for the Bitcoin Supply Distribution shared by the analytics firm, which shows the data for these key investors over the last few months.<\/p>\n As displayed in the graph, the Bitcoin Supply Distribution for the 100 to 1,000 coins group saw a sharp upwards trajectory during the last few weeks of 2024, implying a large amount of new shark-sized investors popped up on the network.<\/p>\n The growth in the indicator has significantly slowed down this year, but it has nonetheless continued as the metric\u2019s value has just set a new record of 15,777 addresses.<\/p>\n Bitcoin has seen a pause in its bull run recently, so to see the sharks still be interested in buying the asset could naturally be a positive sign for things to come in the near future.<\/p>\n The sharks haven\u2019t been the only investors accumulating recently, as the analytics firm Glassnode<\/a> has pointed out that the shrimps and crabs have also been seeing positive flows.<\/p>\n The shrimps and crabs refer to the Bitcoin investors owning up to 1 and 10 BTC, respectively. As is apparent from the chart, these small entities have combined bought 25,600 BTC during the past month, which is equivalent to 1.9x the Monthly Issuance.<\/p>\n