Overview
- Glassnode’s CryptoVizart reports shark wallets gained about 270,000 BTC since Nov. 16 while the 100,000+ BTC cohort shed roughly 300,000 BTC, a mirror move consistent with internal transfers rather than new accumulation.
- Initial charts showing roughly 54,000 BTC flowing into 100–1,000 BTC addresses in a week were widely cited as $4.6–5 billion of buying before the cohort cross‑checks reversed the narrative.
- Reported internal movements included about 640,000 BTC shuffled between Coinbase wallets and roughly 57,000 BTC moved by Fidelity Digital Assets into sub‑1,000 BTC clusters, activity tied to audits and collateral management.
- As the accumulation story went viral, leveraged long interest rose, Bitcoin spiked to around $90,000 and then quickly fell into the mid‑$80,000s, with Kobeissi Letter noting roughly $120 million in short liquidations followed by about $200 million in long wipeouts.
- A follow‑up assessment from Glassnode’s researcher estimated that more than 90% of the apparent shark “accumulation” likely reflects custodial reshuffling, reinforcing warnings that ETF‑era custody concentration can distort traditional on‑chain heuristics.