XWIN Japan2025-09-11

Sharks Add 65,000 BTC: On-Chain Data Hints at Supply Squeeze

Bitcoin’s recent market action highlights a sharp divide between short-term traders and larger, conviction-driven buyers. Addresses holding 100–1,000 BTC—known as “sharks”—have added 65,000 BTC in just seven days, lifting their total to a record 3.65 million BTC. This buying has emerged even as spot prices hovered near $112,000, suggesting a growing disconnect between retail-driven volatility and deeper structural demand. Two core on-chain datasets confirm this trend: Long-Term Holder (LTH) Net Position Change and Exchange Netflow. Long-Term Holders in Accumulation LTH Net Position Change, which tracks 30-day balance shifts among experienced holders, has turned strongly positive. Green spikes indicate that long-term players are absorbing supply instead of distributing it. Historically, these phases often occur in the buildup to larger bull runs, when coins move into “strong hands” unlikely to sell during short-term turbulence. Exchanges Show Persistent Outflows Exchange Netflow data provides additional evidence. Net outflows—BTC withdrawn from exchanges—have dominated recently, signaling that investors are moving coins into cold storage rather than keeping them liquid for trading. This aligns with the LTH absorption trend, confirming that shark buying is not speculative churn but actual supply removal from the market. Outlook The combination of shark accumulation, LTH buying, and exchange outflows creates the setup for a supply squeeze. While short-term corrections remain possible if derivatives leverage overheats, the structural backdrop favors higher prices once demand picks up. Beneath surface volatility, the groundwork for Bitcoin’s next strong leg upward appears to be forming.