"Whale Phenomenon" Sweeps the Crypto World! Glassnode Reveals Mid-to-Large Holders Buy 110,000 BTC in 30 Days

According to the latest tracking data from on-chain analytics platform Glassnode, the Bitcoin market has been experiencing a “Fish-to-Shark phenomenon” over the past month — meaning medium to large holders have been accumulating at the fastest pace since the FTX collapse in 2022. This surge in accumulation suggests that a new wave of structural demand is brewing at the market bottom.

The Strongest Fish-to-Shark Accumulation Since FTX Collapse

Based on Glassnode data, the group of medium to large holders — referred to in the industry as “Fish-to-Shark,” with holdings between 10 and 1,000 BTC — purchased approximately 110,000 BTC in the past 30 days. This accumulation marks the most concentrated monthly buying activity by this group since the shadow of the November 2022 FTX collapse.

Currently, the Fish-to-Shark cohort, composed of high-net-worth individuals, trading platforms, and institutional investors, holds nearly 6.6 million BTC, an increase of 200,000 BTC from two months ago’s 6.4 million. This continuous rise indicates that these market participants are strategically positioning for the long term.

Fish-to-Shark Leading the Buying Surge, Institutions Actively Deploy

The intense buying activity among medium to large holders reflects strategic adjustments by institutional investors. When market prices fluctuate, these investors tend to have more capital and a longer-term outlook, and their accumulation behavior often signals confidence in the market’s future. The number of addresses holding BTC has reached 55,335,611, indicating increasing market participation.

Retail Investors Also Following Suit, Multi-tiered Investors Form Synchronized Buying

Meanwhile, buying activity is also emerging at the retail level. The small retail group holding less than 1 BTC has traditionally been highly sensitive to price volatility, but recently they have been unusually active in accumulation. Data shows that retail addresses have accumulated over 13,000 BTC in recent weeks, reaching a new high since late 2023, bringing their total holdings to around 1.4 million BTC.

This rare phenomenon of retail and institutional investors buying in tandem suggests a widespread bullish consensus across different investor tiers.

Market Signals Behind the Fish-to-Shark Phenomenon

When both large and small holders are actively accumulating, the “Fish-to-Shark phenomenon” often indicates that the market is forming a bottom-up structural demand — meaning multiple levels of investors are positioning themselves in anticipation of the next phase of a rally.

However, whether this phenomenon necessarily signals an imminent bull market still requires more time and market validation. The Fish-to-Shark phenomenon is an important indicator of market sentiment, but a true breakout depends on factors like trading volume and price breakthroughs. Current signs show that market participants are confidently investing real capital, and future developments are worth watching.