Most Bitcoin investors are expecting the price to keep going up since the cryptocurrency is trading around $70,000. Data shows that a big reason for this increase is the buying by large investors known as whales.

Bitcoin has many addresses with lots of money in them that can affect the market. New data shows that not only the big whales are buying more Bitcoin, but so are the smaller traders called “Sharks” who have between 100 and 1,000 BTC. In the last month, these Shark addresses have bought 268,441 BTC, which is the most significant increase since 2012 according to Glassnode data.

More Buying of BTC

A chart by crypto analyst James Van Straten on social media revealed that the Shark investors have been accumulating Bitcoin more in 2024 after not doing much since 2020. In just 30 days, they bought 268,441 more Bitcoin, which is worth around $18 billion.

Even though these Shark investors don’t have as much power as the big whales to affect prices, their combined actions are still important to watch because they reflect the sentiment of all investors. This increased buying trend could lead to even more purchases, signaling that the price of Bitcoin will keep going up.

The recent surge in buying is not unexpected, especially with the introduction of Spot Bitcoin ETFs in the US. This move has led to more positive sentiment from all levels of Bitcoin investors. Some analysts believe that the Shark accumulation could be due to ETFs buying large amounts of Bitcoins from Coinbase OTC desks.

In addition to the Shark investors, the big Bitcoin whales who have over 1,000 BTC have also been more active recently, strategically positioning themselves in the market. Several large transactions have been spotted by Whale Alerts, including a $1.3 billion Bitcoin exchange between whale addresses in the last 24 hours.

Bitcoin Heading to $100,000?

More data from IntoTheBlock supports this buying trend, showing a $16.18 billion outflow from exchanges compared to a $15.76 billion inflow over the past week. Despite Bitcoin currently trading at $67,931 and struggling to stay above $70,000, the buying by both whales and sharks, increasing interest from institutional investors, and the upcoming halving suggest that the price could reach $100,000 in the future.