Large Bitcoin Holders Buy the Most Coins Since the FTX Collapse of 2022

Why It Matters

The renewed on‑chain buying by both institutional‑size and retail participants signals growing confidence in Bitcoin’s value proposition, potentially laying groundwork for a price rally. Broad‑based accumulation may tighten supply and attract further capital into the market.

Key Takeaways

• Fish-to-Shark bought 110k BTC in last month.
• Largest accumulation since 2022 FTX collapse.
• Cohort now holds 6.6 million BTC total.
• Retail Shrimps added 13k BTC, highest since Nov 2023.
• Bitcoin trades 25% below October peak, 15% above November low.

Pulse Analysis

Bitcoin has been hovering in a narrow band since its October rally, sitting roughly 25 % below the recent record high and about 15 % above the November trough near $80,000. This stability follows a turbulent period marked by the 2022 FTX collapse, which triggered a prolonged sell‑off and depressed on‑chain activity. Yet the latest Glassnode data shows a resurgence of on‑chain accumulation: the so‑called Fish‑to‑Shark cohort, entities holding between 10 and 1,000 BTC, added about 110,000 coins in the past 30 days—the strongest monthly inflow since the post‑FTX slump.

The Fish‑to‑Shark group now controls roughly 6.6 million BTC, up from 6.4 million two months earlier, indicating that high‑net‑worth investors and trading desks are positioning for a potential upside. Such on‑chain buying often precedes price rallies, as accumulated supply tightens and market sentiment improves. Moreover, the scale of the inflow—110 k BTC, equivalent to over $10 billion at current prices—signals renewed confidence in Bitcoin’s store‑of‑value narrative, potentially attracting more institutional capital and reinforcing the asset’s resilience against short‑term volatility. Analysts view this as a bullish catalyst.

Retail participants, labeled the Shrimp cohort, are also adding to their positions, having accumulated more than 13,000 BTC—their biggest weekly gain since November 2023—bringing their holdings to about 1.4 million coins. This parallel retail enthusiasm suggests that price‑sensitivity is waning and that broader market participants perceive Bitcoin as undervalued. If both large and small holders continue to net‑accumulate, the combined on‑chain demand could create upward pressure, narrowing the price gap to the October high and setting the stage for a renewed bull phase later in the year.