On-chain data shows that medium to large Bitcoin holders are rapidly accumulating at an unprecedented rate since the FTX collapse in 2022. The market interprets this as “smart money” quietly positioning during the consolidation phase.
(Background: Who is selling BTC? Data reveals whale holding changes)
(Additional context: Glassnode: Bitcoin holder behavior data “close to the bottom of the last bear market”)
According to the latest data from blockchain analytics firm Glassnode, the so-called “Fish-to-Shark” group of medium to large holders has net accumulated approximately 110,000 BTC over the past 30 days. This is the largest collective buying action by this group since Bitcoin dropped below $15,000 over three years ago—during the panic triggered by the FTX exchange collapse.
“Smart money” quietly enters
The “Fish-to-Shark” group generally refers to addresses holding between 10 and 1,000 BTC, including high-net-worth individuals, professional trading teams, and some institutional investors.
The background of this accumulation wave is worth noting: Bitcoin is still in a range-bound pattern, about 25% below the all-time high set last October, but it has rebounded approximately 15% from the cyclical low reached in November (around $80,000).
In other words, amid uncertain market direction and retail investors’ cautious sentiment, medium to large holders are choosing to add to their positions against the trend, which is seen as a clear sign of confidence in the future market.
Holdings continue to expand
Data further shows that the Fish-to-Shark group currently controls nearly 6.6 million BTC, a significant increase from about 6.4 million two months ago.
This means that in just a few weeks, the proportion of holdings by this group has further increased. Meanwhile, some ultra-large whales (addresses holding over 10,000 BTC) are experiencing net outflows, indicating a structural redistribution of market chips.
Historically, collective accumulation by medium to large holders often occurs near market bottoms or before major upward trends, so this data has attracted high market attention.
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