Bitcoin is back on the buy radar for key investor groups, with “sharks” leading the charge after a massive week of accumulation, according to new data from CryptoQuant.
Sharks Buy the Dip with 65,000 BTC
Bitcoin wallets holding between 100 and 1,000 BTC — commonly known as “sharks” — have scooped up 65,000 BTC in just seven days. This accumulation spree comes as BTC prices hover near $112,000, marking a significant rebound from recent two-month lows.
CryptoQuant’s data reveals that these mid-sized holders now control a record 3.65 million BTC. This surge in buying activity highlights strong conviction among larger players, even as retail investors remain cautious.
Short-Term Holders Finally See Profits
On-chain data also shows a shift for short-term holders (STHs), or wallets that hold Bitcoin for six months or less. Their Spent Output Profit Ratio (SOPR) flipped positive on Friday, ending nearly a month of selling BTC at a loss. This suggests improving sentiment among speculative traders, which could further support upward price momentum.
Exchange Outflows Indicate Strong Demand
Declining Bitcoin exchange balances are another bullish signal. Net outflows — BTC being withdrawn from exchanges — have dominated recently, pointing to investor preference for long-term storage over active trading.
“This buying has emerged even as spot prices hovered near $112,000, suggesting a growing disconnect between retail-driven volatility and deeper structural demand,” noted XWIN Research Japan in its CryptoQuant Quicktake post.
Market Structure Points to Next Bullish Leg
Despite the possibility of more short-term price corrections, the underlying market structure looks healthy. The accumulation trend and falling exchange reserves are laying the groundwork for Bitcoin’s next strong leg upward.
However, long-term holders (LTHs) have yet to return to net accumulation. CryptoQuant data shows their 30-day balance change remains negative, echoing patterns last seen during the 2022 bear market.
What This Means for Bitcoin Price
With sharks aggressively buying and short-term holders moving back into profit, Bitcoin could be setting up for a bullish continuation. If long-term holders resume accumulation, BTC may gain the momentum needed to challenge higher resistance levels and potentially push toward new all-time highs.
