Bitcoin ‘Sharks’ Devour 110,000 BTC in 30 Days; Accumulation Hits Post-FTX High
Entities holding 10-1,000 BTC have added $10.4B to their balances in the last month, the most aggressive accumulation since late 2022.
Whales Enter High-Conviction Mode at $95,000
Smart money is no longer waiting for a dip. In a move signaling a definitive structural shift, the “Fish-to-Shark” cohort, addresses holding between 10 and 1,000 BTC, accumulated 110,000 BTC over the last 30 days, according to fresh on-chain data from Glassnode. This aggressive buying spree marks the fastest accumulation rate for this tier since the FTX collapse in November 2022.
While retail sentiment wavers with Bitcoin trading flat around $95,140 (-0.23%), these mid-sized to large entities are absorbing supply at a pace unseen in over three years. The divergence is stark: retail investors are selling into the chop, while high-net-worth individuals and trading desks are effectively removing $10.4 billion worth of liquidity from the order books.
The Institutional Floor
The accumulation is not limited to private wallets. Despite Q4 2025 seeing $3.3 billion in ETF outflows, the trend reversed sharply entering 2026. Institutional buying has offset selling pressure, with Bitcoin ETPs now commanding over 1.2 million BTC, roughly 7% of the total circulating supply.
Institutions are increasingly betting on bitcoin’s bullish moves and moving away from sophisticated ‘arbitrage’ bets.
This behavior aligns with a classic re-accumulation phase. The market is currently consolidating roughly 25% below its October 2025 peak, yet the supply shock brewing on-chain suggests the floor is being bid up by entities with multi-year time horizons. Whales moving coins to cold storage indicates they have no intention of selling at current valuations.
Issuance Absorption
The math favors the bulls. Large holders (100+ BTC) are currently acquiring coins at a rate 1.5 times the daily issuance. With the network producing limited new supply, this supply-demand imbalance is mathematically unsustainable without a repricing event. If the “Fish-to-Shark” cohort maintains this absorption rate through Q1, the available float on exchanges could face a liquidity crunch reminiscent of early 2023.
