Whales and Sharks Acquire 328K BTC as Dumb Money Sells

Bitcoin (BTC) is experiencing a divergence in sentiment among hodlers as the cryptocurrency reaches near all-time highs. Glassnode, an on-chain analytics firm, has found that large players in the market are accumulating BTC at current prices. The data shows that Bitcoin whales (entities holding 1,000 BTC or more) and sharks (entities holding between 100 BTC and 1,000 BTC) are aggressively acquiring coins. Smaller hodlers with between 10 BTC and 100 BTC are distributing their assets.

According to Bitcoin Munger, a popular commentator on social media platform X (formerly Twitter), this indicates that “smart money is buying, while dumb money sells.” He believes that this accumulation by large players is a signal that Bitcoin’s price will continue to rise. He also argues that this current price cycle is different from previous ones and that the cryptocurrency has not reached its peak yet.

Despite institutional inflows into the market, Bitcoin is facing resistance at its old all-time highs and has not yet established solid support. Bitcoin Munger remains confident, stating that the current price discovery phase is just the beginning and that previous cycles were characterized by selling too late. He believes that the regret of this cycle will be selling too soon.

The on-chain data suggests that larger Bitcoin investors are accumulating coins while smaller hodlers are distributing them. This indicates a divergence in sentiment and suggests that the price of Bitcoin may continue to rise. Bitcoin Munger remains bullish on the cryptocurrency and believes that this price cycle is different from previous ones, with the potential for even higher prices in the future.