Recent data from on-chain analytics shows that the group of large Bitcoin investors, known as sharks, has been engaging in a significant accumulation spree in the past month, the largest since 2012.

According to analyst James Van Straten, entities holding between 100 and 1,000 BTC, considered as sharks, have been making substantial net purchases of BTC over the past month. These entities are identified through the on-chain analysis conducted by the firm Glassnode.

The sharks, with holdings ranging from $6.93 million to $69.3 million, play a significant role in the market, although they are not as influential as whales holding more than 1,000 BTC.

The behavior of shark entities is closely monitored, with their net position change serving as a key metric. This measure tracks the net amount of BTC entering or leaving the wallets of these entities over the past month.

Recent data reveals that the sharks have accumulated an impressive 268,441 BTC in the last month, worth nearly $18.6 billion, marking the largest buying spree by this group since 2012.

The positive net position change indicates that big investors are adding more BTC to their wallets, potentially driving up its value. This substantial accumulation has contributed to Bitcoin reaching new all-time highs in price.

Additionally, the recent outflows observed from Coinbase, with $1.1 billion worth of BTC leaving the platform, signify a bullish trend for the cryptocurrency market. Investors moving assets to self-custody wallets could indicate long-term holding strategies, which is generally positive for the asset.

Despite Bitcoin's price remaining stagnant around $69,400 in recent days, the strong accumulation by shark entities and increased outflows from exchanges suggest positive sentiment and potential price gains in the near future.