Data: Analysis: As Bitcoin retraces 30%, "shark addresses" are accumulating at the fastest pace in 13 years

According to Cointelegraph, as Bitcoin has retraced about 30% from its peak and is hovering around the key support level of $85,000, on-chain data shows that medium-sized holders and some institutional funds are accelerating their accumulation.

Glassnode data indicates that "shark addresses" holding between 100 and 1,000 BTC have cumulatively increased their holdings by about 54,000 BTC in the past week, raising their total holdings from approximately 3.521 million to 3.575 million BTC. This accumulation rate is the fastest since 2012, indicating that there is still significant bottom-fishing behavior despite the substantial pullback. However, the upward potential in the market remains constrained by selling pressure from larger holders.

Data shows that long-term and "OG" whales holding over 10,000 BTC have been continuously reducing their positions over the past two months. Charles Edwards, founder of Capriole Investments, pointed out that record institutional buying is being absorbed by long-term holders at a pace not seen in years, which may continue to suppress Bitcoin's price performance in the short term.

Additionally, veteran trader Peter Brandt warned that Bitcoin has fallen below a key parabolic support level, and if historical patterns repeat, there is a risk of a deeper pullback.