Sharks

Bitcoin wallets holding between 100 and 1,000 BTC added 65,000 BTC to their reserves in just one week, according to new data from CryptoQuant. The surge highlights renewed demand from so-called “sharks” as the asset recovers from two-month lows.

Sharks drive accumulation

CryptoQuant’s latest report revealed that these mid-sized addresses now hold a record 3.65 million BTC. XWIN Research Japan, a CryptoQuant contributor, noted that the buying spree occurred even with spot prices hovering around $112,000, underscoring a growing divergence between short-term volatility and deeper structural demand.

Bitcoin UTXO Value Bands. Source: CryptoQuant

Short-term holders back in profit

While conviction buyers moved quickly, speculative traders were slower to react. Short-term holders, those clinging to coins for six months or less, finally crawled back into profit last Friday. CryptoQuant data shows their Spent Output Profit Ratio (SOPR) flipped positive after nearly a month of bleeding coins on-chain at a loss, a reminder of how fragile retail conviction can be when volatility bites.

BTC Short Term Holder. Source: CryptoQuant

The takeaway

While small traders waver, mid-sized wallets have been quietly stacking 65,000 BTC in a week—proof that structural demand isn’t just alive, it’s flexing.

BTC Long-Term Holder. Source: CryptoQuant

Long-term holders may still be sitting on their hands, but the flow of coins tells a different story: conviction capital is drowning out retail noise, and that imbalance could fuel Bitcoin’s next decisive leg higher.

Also Read: Bitcoin ETF Boom Hits A Wall As TradFi Lose Appetite

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Bitcoin is navigating a volatile phase where bulls are struggling to drive the price higher, yet bears have also failed to push BTC below the $110,000 mark. This tight range signals a standoff, but beneath the surface, the market appears to be shifting into a new phase. For the first time in months, Ethereum and several altcoins are showing relative strength against Bitcoin, raising questions about capital rotation and changing market dynamics.

Fresh data from CryptoQuant sheds light on the divergence between short-term traders and larger conviction-driven buyers. According to their report, addresses holding between 100 and 1,000 BTC—often referred to as “sharks”—have added a staggering 65,000 BTC in just seven days. This aggressive accumulation has lifted their total holdings to a record 3.65 million BTC.

What makes this development notable is that it has occurred even as spot prices hovered near $112,000. While retail-driven volatility has kept price action choppy, structural demand from larger buyers remains strong.

The disconnect suggests that long-term players are preparing for the next leg of the cycle, absorbing supply while short-term traders hesitate. In this environment, Bitcoin’s resilience above $110K underscores its strength despite ongoing market turbulence.

Bitcoin Onchain Data Points To Supply Squeeze

According to a report from XWIN Finance shared by CryptoQuant, two core onchain datasets confirm that Bitcoin’s current market behavior is driven by deep structural demand rather than short-term speculation. These indicators—Long-Term Holder (LTH) Net Position Change and Exchange Netflow—highlight a steady absorption of supply, setting the stage for potential upward pressure on price.

The LTH Net Position Change, which tracks 30-day balance shifts among experienced holders, has turned strongly positive. These green spikes suggest that long-term players are actively accumulating Bitcoin rather than distributing it. Historically, such accumulation phases often precede major bull runs, as coins move into “strong hands” less likely to sell during short-term volatility. This transition of supply into longer-term storage reduces available liquidity, tightening conditions for future rallies.

Bitcoin Long-Term Holder Net Position Change | Source: CryptoQuant

Exchange Netflow data provides another layer of evidence. Net outflows—BTC being withdrawn from exchanges—have dominated in recent weeks. This indicates that investors prefer cold storage over keeping assets liquid for immediate trading. Combined with LTH absorption, this confirms that recent shark buying is not speculative churn but actual supply removal from circulation.

The alignment of shark accumulation, LTH buying, and sustained exchange outflows builds the conditions for a potential supply squeeze. While short-term corrections remain possible if leverage in derivatives overheats, the structural picture favors higher prices as soon as demand accelerates. Beneath the current volatility, the groundwork for Bitcoin’s next major leg higher appears to be quietly forming.

Price Analysis: Quiet Consolidation

Bitcoin is trading at $115,019 after a steady recovery from early September lows near $110,000. The daily chart shows BTC building momentum as it pushes into a key resistance zone. The 50-day SMA at $114,562 has been reclaimed, and the 100-day SMA at $112,323 is now acting as solid support, reinforcing the bullish setup. The 200-day SMA at $102,202 continues to anchor the long-term trend, confirming that Bitcoin remains structurally healthy despite recent volatility.

BTC consolidates in a range | Source: BTCUSDT chart on TradingView

The next challenge lies at $116,000–$118,000, a resistance area that has capped rallies in recent weeks. A successful breakout and close above this zone could clear the path toward the major barrier at $123,217, which remains the cycle’s key level to watch.

On the downside, immediate support is established near $114,000, followed by stronger backing around $112,000. As long as BTC holds these levels, buyers are likely to maintain control. A breakdown below $112,000, however, could shift momentum back in favor of sellers and potentially bring $110,000 back into focus.

Featured image from Dall-E, chart from TradingView

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