Shark addresses are accumulating at the fastest pace since 2012, while whales continue to reduce their holdings
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Bitcoin has retraced approximately 30% from its high of $126,200 to around $85,000. According to Glassnode data, "shark addresses" holding between 100 and 1,000 BTC have accumulated about 54,000 BTC in the past week, bringing the total holdings of shark addresses to 3.575 million BTC, with the fastest accumulation rate since 2012. Long-term and "OG" whales holding more than 10,000 BTC have continued to reduce their holdings over the past two months. Charles Edwards, founder of Capriole Investments, pointed out that institutional buying is being absorbed by long-term holders. Trader Peter Brandt warned that Bitcoin has broken below a key parabolic support, and a deeper correction cannot be ruled out.
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