Bitcoin erupts in a hoarding frenzy! Glassnode: Shark groups sweep up 120,000 BTC, the strongest accumulation since FTX's collapse

Glassnode shows that over 120,000 coins have been accumulated by both large and retail investors in the past 30 days, marking the strongest buying momentum since FTX. The “Small Fish to Shark” group has bought 110,000 coins, holding a total of 6.6 million coins. The “Small Shrimp” retail investors have accumulated 13,000 coins, reaching a new high since November 2023, with total holdings around 1.4 million coins. This is the strongest accumulation force since the FTX collapse in 2022.

Shark Group Accumulates 110,000 Coins in 30 Days, Reaching a New High Since FTX

(Source: Glassnode)

According to Glassnode tracking, in the past 30 days, the group known as “Fish to Shark”—holding between 10 and 1,000 bitcoins—has bought approximately 110,000 bitcoins. This is the strongest single-month accumulation since Bitcoin fell below $15,000 three years ago and was deeply affected by the FTX collapse.

The single-month purchase of 110,000 bitcoins is extremely impressive. At the current price of about $95,000, this amounts to approximately $10.45 billion in capital inflow. Such buying activity is not random retail behavior but organized, strategic large-scale allocation. The Shark group typically includes high-net-worth individuals, small institutions, trading platforms, and professional investors with deeper market insight and higher risk tolerance.

Currently, this group, composed of high-net-worth individuals, trading platforms, and institutional investors, holds nearly 6.6 million bitcoins, up from 6.4 million two months ago. An increase of 200,000 coins in two months, with 110,000 bought in the last 30 days alone. This accelerated accumulation trend indicates that the Shark group perceives current prices as attractive and is increasing their allocation speed.

This contrasts significantly with the period of the FTX collapse. In November 2022, when FTX went bankrupt, the market was in panic, and Bitcoin prices plummeted below $15,000. Many investors chose to sell or hold back. But it was during that darkest moment that the Shark group began large-scale accumulation. History has shown that was one of the best buying opportunities in past cycles. Today, the Shark group again demonstrates similar accumulation strength, possibly signaling another strategic buying window.

Analysis of Shark Group Accumulation Data

Holding Range: 10-1,000 bitcoins

30-Day Buy-in: approximately 110,000 coins (worth about $10.45 billion)

Current Total Holdings: 6.6 million coins (up 200,000 from 2 months ago)

Historical Comparison: strongest single-month accumulation since FTX collapse

From a behavioral psychology perspective, the Shark group’s accumulation is usually not driven by impulsive emotion but by rational strategic decisions based on in-depth research. They may see opportunities that other investors have not yet noticed or have a more confident outlook on Bitcoin’s long-term prospects. This “smart money” flow often serves as a leading indicator of market turning points.

Small Shrimp Retail Investors Accumulate 13,000 Coins, Reaching a New High Since November 2023

Meanwhile, small investors are also actively accumulating. The “Small Shrimp” group, holding less than 1 bitcoin, is highly sensitive to price fluctuations. Data shows that in recent weeks, this group has accumulated over 13,000 bitcoins, reaching a new high since November 2023, pushing total holdings to around 1.4 million coins.

While the 13,000 coins bought by retail investors are far less than the 110,000 coins accumulated by the Shark group, the significance is substantial. Retail investors are often the market’s sentiment thermometer—selling in panic and buying greedily when confident. Their accelerated accumulation at current prices indicates growing confidence in Bitcoin.

More interestingly, the timing of this new high in retail accumulation since November 2023 is noteworthy. In November 2023, Bitcoin was beginning to rebound from its bear market lows, with prices around $35,000–$40,000. Their accumulation during that period proved wise, as Bitcoin subsequently entered a rally. Now, with retail investors again showing similar accumulation strength, it may signal a similar market turning point.

The total of 1.4 million coins indicates retail investors hold a significant share of Bitcoin’s supply. Although individual holdings are small, the cumulative scale is notable. This 1.4 million coins account for about 6.7% of total Bitcoin supply, highlighting retail investors as an important market participant.

The phenomenon of retail and Shark group accumulation occurring simultaneously is especially critical. In past cycles, markets often saw institutional buying while retail sold off, or retail buying while institutions reduced holdings. Such divergence can cause volatility. But when both groups buy together, it creates a one-sided strong buying force, providing substantial price support.

Structural Support Formed by Simultaneous Accumulation of Large and Retail Investors

The signs of large-scale and retail accumulation together suggest a bottom-up structural demand forming in the market. This multi-layered buying structure is rare and typically appears just before major market reversals. From a HODL perspective, whether Shark or small retail investors, their buying is not for short-term trading but for long-term holding.

Structural demand differs fundamentally from speculative demand. Speculative demand driven by FOMO enters and exits quickly, offering fragile price support. Structural demand is based on recognition of long-term asset value; holders are unlikely to change their strategy due to short-term volatility. When the proportion of structural demand increases, price volatility tends to decrease, and downside risks diminish.

Historically, similar accumulation waves tend to occur near market bottoms. The accumulation after FTX’s collapse in 2022 happened when Bitcoin fell below $15,000, marking a cycle bottom. The peak retail accumulation in November 2023 occurred early in Bitcoin’s rebound. Now, with both Shark and retail groups showing strong accumulation, it may indicate a similar strategic buying window.

However, whether this signals the market is preparing for the next phase remains to be seen. While accumulation data is a leading indicator, it should not be used alone for investment decisions. Investors should also consider macroeconomic conditions, regulatory changes, and institutional capital flows.

From a risk perspective, current accumulation occurs at around $95,000. Although this is a correction from previous highs, it remains relatively high. The Shark group and retail investors’ willingness to buy heavily at this level shows confidence in higher targets. But if macro conditions worsen or black swan events occur, prices could still decline further.

Looking at the cycle, over three years have passed since the FTX collapse, during which Bitcoin experienced a full bear market bottom and bull market rebound cycle. The current strong accumulation again may signal the start of a new cycle. But it could also be just a phase within the cycle. Continuous monitoring of on-chain data and price behavior is necessary to distinguish these possibilities.

In terms of distribution, the combined holdings of the Shark group (6.6 million) and retail investors (1.4 million) total about 8 million coins, roughly 38% of Bitcoin’s total supply. This concentration provides market stability, as these long-term holders are less likely to sell during short-term volatility. Instead, they are more likely to continue buying on dips, creating natural price support.