On-chain data shows that Bitcoin shark-sized wallets have climbed to a new all-time high recently, a sign that could be bullish for BTC.
Key Bitcoin Investors Have Been In Accumulation Mode Recently
According to data from the on-chain analytics firm Santiment, the total number of sharks on the Bitcoin network has registered an increase recently. The indicator of relevance here is the “Supply Distribution,” which tells us about the amount of BTC wallets that belong to a particular group.
Addresses or investors are categorized into these cohorts based on the number of coins that they are carrying in their balance. For example, wallets holding 5 tokens are put into the 1 to 10 coins group.
In the context of the current topic, the wallet range of interest is 100 to 1,000 BTC. At the current exchange rate, the lower end of the range converts to $10.5 million and the upper one to $105 million.
Thus, the only addresses that would qualify for the cohort would be the ones belon
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