Bitcoin Hodler Sentiment Divides as Whales and Sharks Accumulate 328K BTC

Bitcoin's recent price surge is accompanied by a divergence in hodler sentiment, with larger players aggressively accumulating while smaller holders exhibit mixed behavior.

Bitcoin Whales and Sharks Accumulate, Fish Distribute: Insights from Glassnode Data

According to data from Glassnode, Bitcoin whales (holding 1,000 BTC or more) are actively accumulating BTC at current price levels. Similarly, sharks (holding between 100 BTC and 1,000 BTC) are aggressively adding to their holdings.

Bitcoin whale net position change. Source: Glassnode

Whales currently hold approximately 84,000 BTC more than they did 30 days prior, while sharks have increased their net position by 244,000 BTC as of March 17.

Bitcoin shark net position change. Source: Glassnode

Contrastingly, smaller holders, referred to as Bitcoin "fish" (holding between 10 BTC and 100 BTC), have witnessed asset distribution throughout the month.

Bitcoin fish net position change. Source: Glassnode

Bitcoin Munger's Insight: Smart Money Buying, Dumb Money Selling, Signaling Bullish Sentiment

Popular commentator Bitcoin Munger highlights the stark difference in sentiment between larger and smaller investors. He argues that "smart money is buying, while dumb money sells," indicating a bullish outlook.

Bitcoin Munger's Optimism Amidst Volatility: Emphasizing the Beginning of a New Cycle

Bitcoin's current market dynamics remain volatile as it struggles to establish support at previous all-time highs. Despite ongoing institutional inflows, price discovery has been brief this month.

Bitcoin Munger remains optimistic, suggesting that compared to historical cycles, the current cycle is just beginning. He predicts that selling prematurely will be the regret of this cycle, emphasizing that "this time is different."

Bitcoin price performance since cycle low. Source: Bitcoin Munger on X