Thomas Daniels
Bitcoin has re-entered a buy zone for select investor groups, as key on-chain metrics signal renewed interest from medium-sized holders. According to fresh research from analytics platform CryptoQuant, so-called “shark” wallets have aggressively accumulated Bitcoin over the past week, underscoring rising conviction among mid-tier investors.
Key Takeaways
- Bitcoin wallets holding between 100 and 1,000 BTC have added 65,000 BTC in net exposure over the past seven days.
- Short-term holders are returning to profitability, as their spent output profit ratio (SOPR) flips positive.
- Long-term holders, however, have not resumed net accumulation, with wallet balances still in decline.
Sharks Buy the Dip as Structural Demand Rebounds
The cohort of Bitcoin wallets holding 100 to 1,000 BTC—commonly referred to as “sharks”—have strategically accumulated assets as BTC prices hovered near $112,000. This group added approximately 65,000 BTC, lifting total holdings to a record 3.65 million BTC, according to CryptoQuant’s data.
This recent activity highlights a growing divergence between speculative short-term trading and longer-term conviction-driven behavior. Despite price volatility, these mid-tier holders appear undeterred, interpreting current price levels as an attractive entry point.
“The recent market action reveals a sharp divide between short-term traders and larger, conviction-driven buyers,” noted research firm XWIN Research Japan, commenting on the trend. “This buying behavior emerged even as prices traded near multi-week lows, suggesting structural demand is quietly reasserting itself beneath the surface.”
Short-Term Holders Regain Profitability
Meanwhile, wallets classified as short-term holders (STHs)—those that have held BTC for six months or less—are beginning to recover. CryptoQuant reports that the spent output profit ratio (SOPR) for these investors has turned positive for the first time in nearly a month. This shift indicates that coins are now being moved on-chain at a profit rather than at a loss, an early sign of improving sentiment among speculative participants.
Exchange Outflows Point to Long-Term Confidence
In addition to accumulation by sharks, a separate bullish signal has emerged: declining BTC balances on centralized exchanges. Net outflows have been the dominant trend, with investors moving Bitcoin into cold storage rather than leaving assets on exchanges for trading purposes. This behavior is often interpreted as a sign of growing long-term conviction.
While analysts caution that further price corrections remain possible, the prevailing market structure suggests underlying strength.
“Beneath surface volatility, the groundwork for Bitcoin’s next strong leg upward appears to be forming,” XWIN concluded.
Cautious Optimism as Long-Term Holders Stay on Sidelines
Despite bullish signals from sharks and improving metrics among short-term holders, long-term holders (LTHs) remain hesitant. Data from CryptoQuant reveals that 30-day rolling balance changes for LTH wallets continue to trend negative. This mirrors patterns observed during the 2022 bear market, when institutional and high-net-worth investors offloaded significant positions amid market stress.
Until LTHs return to net accumulation, some analysts remain cautious about the sustainability of the current uptrend. Nonetheless, mid-tier and short-term investor activity suggests that Bitcoin’s recent pullback has catalyzed selective re-entry across key market segments.
