The strategy of bitcoin sharks: when the big players coordinate the accumulation

The past thirty days have seen a significant phenomenon in the crypto markets: the top holders of bitcoin, what analysts identify as the “sharks” of the market, are accumulating coins at the fastest rate since the FTX crash of 2022. This coordinated movement between large investors and institutions suggests a deeper market design, far beyond the simple search for short-term profit. With Bitcoin ($83.62K) consolidating gains around $84,000, accumulation behaviors reveal a strategic view of the market among major players.

Sharks strengthen market control

Over the past thirty days, entities holding between 10 and 1,000 BTC — the group commonly referred to as Fish-to-Shark in the crypto ecosystem — have acquired approximately 110,000 BTC. According to data compiled by Glassnode, this represents the most significant monthly accumulation since the final phase of the crisis linked to the collapse of FTX four years ago. The strategic design of these sharks in the middle has become evident: they are taking advantage of the period of price consolidation, when Bitcoin remains stuck in a tight range, about 25% below last October’s high.

The Fish-to-Shark cohort, which includes high-net-worth individuals, sophisticated trading desks, and some of the largest institutional entities in the industry, currently controls a combined endowment of nearly 6.6 million coins. This represents an increase compared to the approximately 6.4 million recorded two months ago, highlighting how the accumulation pattern is progressive and well orchestrated over time.

The cascading movement: from large to small

At the same time as the main market sharks are behaving, small retail investors — the “Shrimp” category that owns less than 1 BTC each — are also stepping up their acquisitions. In recent weeks, this segment of the holder base has accumulated over 13,000 BTC, representing the largest increase observed since the end of November 2023.

The combined collection of the Shrimp category reached around 1.4 million coins, a signal that the market is broadcasting at all levels of participation. When both large institutional and small investors simultaneously adopt an accumulation posture, this suggests that the underlying design of the market is one of a widespread and entrenched bullish view. Shrimps, while highly sensitive to volatility, are ignoring short-term price swings to increase exposure to Bitcoin.

The mixed signals of the wider market

Despite this accumulating enthusiasm among big sharks and smallholders, the overall market environment remains cautious. Spot trading volumes for cryptocurrencies have fallen sharply, halving from $1.7 trillion a year earlier to $900 billion currently. This reduction in volumes reflects a cooling of overall enthusiasm, fueled by persistent macroeconomic uncertainties and widespread investor caution.

Cryptocurrency-related stocks, already under pressure in the first weeks of January, continued their negative trend, with Bitcoin itself briefly returning below the $84,000 mark before rebounding. However, the apparent contradiction between low volumes and the coordinated accumulation of major players suggests that the real market design is still being built.

The emerging role of artificial intelligence

One element of this strategic landscape that deserves attention is bitcoin miners who have reoriented their business plans towards AI infrastructure and high-performance computing. These operators have demonstrated superior performance compared to their traditional competitors, suggesting that the future design of the sector may be increasingly intertwined with the development of artificial intelligence.

The implications of this convergence between bitcoin and AI infrastructure still remain largely speculative, but they represent an element of growing interest among the institutional sharks that are driving the current accumulation.

What does this coordinated accumulation reveal?

When the sharks of the bitcoin market — the main institutional holders and sophisticated traders — coordinate an accumulation of this magnitude, it is a signal that cannot be ignored. The strategic design of these players suggests an underlying confidence in Bitcoin’s long-term prospects, regardless of short-term swings and conflicting signals from the overall market.

The simultaneous accumulation by small retail investors further reinforces this narrative: when all segments of the market — from large sharks to small shrimp — recognize value and increase exposure, this suggests a convergence of vision that is rare in the context of extreme volatility. Bitcoin remains an asset torn between macroeconomic uncertainties and long-term opportunities, but the pattern of the major players has become unequivocally bullish.