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While Bitcoin held above the $85,000 support down 30% from its $126,200 peak, despite macroeconomic concerns, on-chain data showed that institutions and high net worth individuals have accumulated BTC.
According to Glassnode, Bitcoin “sharks” holding 100 to 1,000 BTC have increased their total assets from 3,521 million BTC to about 3,575 million BTC in the last seven days.
This move marked the fastest accumulation rate of sharks since 2012 and showed a strong upward belief among individuals with high net worth and institutional players, despite BTC falling by 30%.
In 2012, a similar increase in Bitcoin accumulation occurred ahead of one of its earliest major rallies, with BTC rising from about $10 to over $100 in a year, recording an increase of 900%.
A similar model was seen in 2011. The aggressive accumulation of mid-sized holders followed Bitcoin's rise from $3 to over $14 with a rise of 350% below.
Bitcoin faces selling pressure from its long-term owners
On the other hand, whales, which have assets of over 10,000 BTC in exchange for the purchasing power of sharks, have emerged as the main driving force behind the sales in the last two months.
This imbalance was in line with Capriole Investments' assessment that record-level institutional purchases were met by an equally historic long-term distribution of owners.
Charles Edwards, the founder of the company, said, "While corporate purchases have reached unprecedented levels, these purchases are sold by whales and long-term owners at unprecedented rates in years."
Still, the leading crypto asset avoids sharp declines despite fluctuations. Bitcoin settled above $87,000 after rising briefly to $90,000 after strong fluctuations yesterday with speculations against the new Fed leader and macroeconomic uncertainty.