Sharks and Fish Are Buying Bitcoin Together: The Strongest Accumulation Signal Since FTX

In the world of cryptocurrency, whale-sized investors and institutional players—often dubbed “sharks”—along with mid-tier holders known as “fish,” are simultaneously loading up on Bitcoin at levels not seen since the late 2022 collapse of FTX. This synchronized accumulation across multiple holder segments is reshaping market dynamics and signaling potential broad-based demand.

How Large and Small Holders Signal Market Opportunity

The data tells a compelling story. Over recent weeks, entities holding between 10 and 1,000 BTC—the Fish-to-Shark classification spanning high-net worth individuals, trading desks, and some institutional players—have accumulated approximately 110,000 BTC. According to on-chain analytics firm Glassnode, this represents the strongest monthly accumulation pace for this cohort since Bitcoin crashed to the $15,000 range more than three years ago.

The Fish-to-Shark holders now control nearly 6.6 million Bitcoin, up from roughly 6.4 million just two months prior. What makes this accumulation particularly noteworthy is its occurrence amid Bitcoin’s consolidation phase. The asset has remained range-bound, trading roughly 25% below its recent record highs while hovering about 15% above the $80,000 level seen in recent months. Despite lackluster price action, the positioning of sharks and fish reveals something deeper: they’re spotting opportunity in the consolidation.

These sophisticated market participants—from high-net worth individuals to trading desks—represent a significant force in market direction. Their behavior often precedes broader price appreciation, as their access to capital and market intelligence typically positions them ahead of retail waves.

Retail Investors Join the Party as Shrimps Accumulate at Scale

The accumulation narrative extends beyond the sharks and fish tier. The retail investor segment, classified as the “Shrimp cohort”—those holding less than 1 Bitcoin—has also jumped into the market. Over recent weeks, this broad and highly reactive group has accumulated more than 13,000 BTC, marking the largest increase since late November 2023.

This retail buying brings the collective holdings of the Shrimp cohort to roughly 1.4 million coins. What’s particularly significant is that both the upper-tier buyers (sharks and fish) and the grassroots retail investors are making similar moves. This convergence of accumulation across different investor classes typically signals that the market isn’t being driven by a single narrative or player, but rather reflects genuine, wide-spread perception of value.

The retail segment remains highly sensitive to volatility and sharp price swings, making their recent sustained accumulation an interesting signal. It suggests that even after months of sideways price movement, smaller investors continue to see Bitcoin as a compelling acquisition opportunity rather than fleeing during uncertainty.

NFT Ecosystems Are Evolving Beyond Speculation

While Bitcoin accumulation dominates headlines, the broader digital asset ecosystem is maturing in other directions. Pudgy Penguins has emerged as one of the strongest NFT-native brands of this cycle, shifting from being viewed as speculative “digital luxury goods” into a multi-vertical consumer IP platform.

The project’s strategy is particularly instructive for understanding how crypto-native projects are evolving. Rather than relying solely on blockchain enthusiasm, Pudgy Penguins acquires users through mainstream channels first—toys, retail partnerships, and viral media—before onboarding them into Web3 through games, NFTs, and the PENGU token.

The ecosystem now spans phygital products (exceeding $13 million in retail sales and over 1 million units sold), games and experiences (Pudgy Party surpassed 500,000 downloads in two weeks), and a widely distributed token airdropped to over 6 million wallets. This diversification signals that the industry is moving beyond pure speculation toward sustainable token utilities and consumer engagement models.

Why Bitcoin Lags While Gold Surges: The Asset Class Divergence

A curious market dynamic has emerged: while sharks and fish aggressively accumulate Bitcoin, gold has surged above $5,500 per ounce with such momentum that it’s taken on the characteristics of a crowded trade. The notional value of gold positions expanded by approximately $1.6 trillion in a single day, suggesting overextension.

Sentiment indicators paint a fascinating picture of this divergence. JM Bullion’s Gold Fear & Greed Index is signaling extreme bullishness in precious metals, even as comparable crypto sentiment gauges remain mired in fear. This suggests that amid the same macroeconomic backdrop, traditional “hard assets” investors are viewing gold as the flight-to-safety play, while crypto investors are quietly accumulating Bitcoin.

Bitcoin’s current positioning is particularly intriguing. Despite being touted as a hard asset alternative alongside gold and silver, Bitcoin is currently trading like a high-beta risk asset. This means that while institutions and wealthy individuals pursue physical precious metals as a true store of value, they’re simultaneously building Bitcoin positions—but likely for different reasons: one as insurance, the other as asymmetric upside exposure.

The contrasting behavior between Bitcoin accumulation by sophisticated players and the rush into precious metals by traditional investors highlights a broadening acceptance of Bitcoin among the financial establishment, even if mainstream narratives still favor gold for store-of-value narratives.