{"id":64340,"date":"2025-12-19T05:02:01","date_gmt":"2025-12-19T05:02:01","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=64340"},"modified":"2025-12-19T05:02:01","modified_gmt":"2025-12-19T05:02:01","slug":"bitcoin-shark-accumulation-overstated-glassnode-researcher-debunks-narrative","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=64340","title":{"rendered":"Bitcoin Shark Accumulation Overstated: Glassnode Researcher Debunks Narrative"},"content":{"rendered":"
\n

Senior researcher at on-chain analytics firm Glassnode has explained how the recent Bitcoin shark \u201caccumulation\u201d is not a sign of organic buying.<\/p>\n

Bitcoin Shark-Sized Entities Have Been Growing Recently<\/h2>\n

In a new post<\/a> on X, Glassnode senior researcher CryptoVizArt.\u20bf has talked about the recent growth in the supply attached to the Bitcoin sharks. \u201cSharks<\/a>\u201d are defined as the entities carrying between 100 and 1,000 BTC.<\/p>\n

At the current exchange rate, the range of this cohort converts to $8.7 million at the lower end and $87 million at the upper one. Due to the significant size involved, sharks are considered as a investor group, although they are less influential than the whales<\/a> (1,000+ BTC).<\/p>\n

Lately, the supply of the sharks has been following a rapid upward trajectory, as the chart shared by CryptoVizArt.\u20bf shows.<\/p>\n

\"Bitcoin<\/p>\n

Since November 16th, the Bitcoin sharks have seen their combined balance change from 3.33 million BTC to 3.60 million BTC, reflecting a significant rise of 270,000 tokens. \u201cThe key question, however, is whether this reflects genuine net accumulation, or merely internal reshuffling across cohorts, a distinction only deeper on-chain analysis can resolve,\u201d said the Glassnode researcher.<\/p>\n

By \u201creshuffling,\u201d CryptoVizArt.\u20bf is referring to the merging or splitting of holdings that investors sometimes take part in. For example, a whale deciding to break their balance across multiple wallets can register as a decrease in the whale supply, and an increase in the supply of whatever bracket the smaller holdings fall inside.<\/p>\n

Signs point to something similar being a factor behind the recent Bitcoin shark supply increase. Below is another chart shared by the analyst, this one comparing the trend in the supply of the 100,000+ BTC entities against that of the sharks.<\/p>\n

\"Bitcoin<\/p>\n

The 100,000+ BTC cohort corresponds to the largest of entities on the blockchain, including exchanges, exchange-traded funds (ETFs)<\/a>, and custodial services. From the graph, it\u2019s apparent that the holdings of this group have been declining recently.<\/p>\n

Interestingly, the amount distributed by the cohort in this drawdown is 300,000 BTC, which is roughly equal to that accumulated by the sharks (270,000 BTC). \u201cThis pattern strongly points to wallet reshuffling, not organic accumulation,\u201d noted CryptoVizArt.\u20bf.<\/p>\n

Since the 100,000+ BTC bracket also includes exchanges, reshuffling out of these platforms (that is, withdrawals) can still point toward positive accumulation. It turns out, however, that the nature of the reshuffling is truly likely to be internal, as Coinbase made internal wallet transfers amounting to a massive 640,000 BTC alongside this trend.<\/p>\n

\"Bitcoin<\/p>\n

Based on the data, the analyst has concluded:<\/p>\n

\n

The key takeaway is that >90% of the apparent \u201cshark accumulation\u201d is likely driven by internal reshuffling by large custodial entities, rather than net buying by new 100\u20131K BTC holders.<\/p>\n<\/blockquote>\n

BTC Price<\/h2>\n

At the time of writing, Bitcoin is floating around $87,300, down over 3% in the last seven days.<\/p>\n

\"Bitcoin<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Senior researcher at on-chain analytics firm Glassnode has explained how the recent Bitcoin shark \u201caccumulation\u201d is not a sign of organic buying. Bitcoin Shark-Sized Entities Have Been Growing Recently In a new post on X, Glassnode senior researcher CryptoVizArt.\u20bf has talked about the recent growth in the supply attached to the Bitcoin sharks. \u201cSharks\u201d are […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-64340","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/64340","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=64340"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/64340\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=64340"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=64340"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=64340"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}