Amid the lackluster price action of the past few weeks, the accumulation of bitcoin (BTC) by mid- to large-sized holders has reached its strongest monthly level since the FTX-related collapse of 2022.
Over the past 30 days, entities holding between 10 and 1,000 BTC — commonly referred to as the Fish-to-Shark cohort — have accumulated approximately 110,000 BTC, according to Glassnode. That’s the largest such increase since bitcoin fell to the $15,000 area just over three years ago.
This renewed accumulation has occurred as bitcoin remains stuck in a tight range, roughly 25% below its October record high, though also about 15% above its November low of around $80,000. The Fish-to-Shark cohort — think high-net worth individuals, trading desks and some institutional-sized entities — now controls nearly 6.6 million coins, up from about 6.4 million two months ago.
At the same time, smaller holders are also adding to their balances. The Shrimp cohort, which represents retail investors holding less than 1 BTC, is a broad and highly reactive group whose accumulation behavior tends to be sensitive to volatility and sharp price movements.
In recent weeks, Shrimps have accumulated more than 13,000 BTC, the largest increase since late November 2023, and bringing their collective holdings to roughly 1.4 million coins. Both the larger and smaller holder groups appear to be identifying deep value, possibly pointing to broad-based demand across the market.