Bitcoin (BTC), the world’s leading digital asset by market capitalization, could be poised for a surge as large holders, often referred to as “sharks,” accumulate the cryptocurrency, signaling a potential end to the bear market. According to blockchain data platform Santiment, wallets holding 10 or more BTC have continued to purchase the cryptocurrency in recent months.
Santiment noted, in a post, that these larger wallets tend to drive prices higher during bullish cycles and contribute to bear markets when they sell off.
The blockchain analysis platform shared a chart illustrating the behavior of these Bitcoin holders during bullish and bearish periods. The chart clearly shows that these wallets begin accumulating significant amounts of BTC before each bullish price movement.
Santiment confirmed that Bitcoin wallets with at least 10 BTC have added 154,560 coins in the past five months, indicating renewed interest in the digital asset since the 2022 bear market, which resulted in substantial losses.
Beginning October 21, 2019, these wallets continued to accumulate BTC amid a market decline, and this trend persisted until early 2022. Subsequently, on February 16, 2022, a mass sell-off of Bitcoin occurred, leading to a sharp drop in the cryptocurrency’s price.
And since December 29, 2023, these wallets, holding 10 BTC or more, have resumed accumulating BTC coinciding with the approval of spot Bitcoin ETFs in the U.S. by the Securities and Exchange Commission.
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