Major Bitcoin Holders Intensify Buying Since FTX Era, Signaling Strong Accumulation by Long-Term Holders

Bitcoin’s mid- to large-tier holders are experiencing their most aggressive purchasing phase since the 2022 FTX collapse, with market data revealing a pronounced shift in capital allocation patterns across investor segments. This resurgence in buying activity comes as bitcoin remains locked in a relatively narrow price band, roughly 25% below its October peak while maintaining support around 15% above November’s $80,000 lows.

Institutional-Scale Holders Amass Record Monthly Supply

Over the past 30 days, entities classified as Fish-to-Shark holders—comprising high-net-worth individuals, professional trading desks, and institutional-tier participants—have accumulated approximately 110,000 BTC. This represents the most substantial monthly purchasing by this cohort of holders since bitcoin’s decline to the $15,000 region three years ago, according to analysis from Glassnode, a leading on-chain data provider.

The collective portfolio held by this category of holders now stands at nearly 6.6 million BTC, up from approximately 6.4 million two months prior. This upward trajectory indicates that experienced, capital-rich holders perceive current valuations as attractive entry points despite the recent price consolidation.

Retail Holders Join the Rally With Increased Positions

Complementing the activity among large holders, retail-level participants—designated as the Shrimp cohort in market terminology—are simultaneously expanding their exposure to bitcoin. These smaller holders, typically managing positions under 1 BTC, accumulated more than 13,000 BTC in recent weeks, representing their strongest buying period since late November 2023. Their collective holdings now approach 1.4 million coins.

The Shrimp cohort represents a broad spectrum of individual retail investors whose purchasing decisions tend to reflect short-term price movements and market volatility. Despite their sensitivity to market swings, retail holders are currently adding to their positions alongside major holders, suggesting alignment in market sentiment.

Multi-Layer Buyer Interest Points to Market Confidence

The concurrent accumulation across both large and retail holder segments indicates a convergence of perspectives on bitcoin’s value proposition. Rather than displaying panic or hesitancy, holders spanning multiple investment tiers are identifying compelling opportunities in the current price environment. This multi-tiered demand pattern traditionally signals broader confidence in the asset’s medium to long-term prospects.

The synchronized behavior of sophisticated institutional holders and retail participants suggests the market is pricing in resilience despite macroeconomic headwinds. When both high-net-worth holders and smaller retail holders increase their exposure simultaneously, it often precedes periods of renewed appreciation.

NFT Platforms Reflect Broader Bullish Sentiment

Beyond spot bitcoin accumulation, emerging growth in blockchain-based assets reinforces the notion of strengthening market confidence. Pudgy Penguins exemplifies this trend, positioning itself as a mainstream-focused consumer platform spanning physical products (exceeding $13 million in retail sales with over 1 million units distributed), gaming experiences (Pudgy Party surpassed 500,000 downloads within two weeks), and the widely-circulated PENGU token (airdropped to 6+ million wallets).

The project’s transition from speculative digital collectibles to a multi-vertical consumer brand demonstrates how major holders and the broader ecosystem are rotating capital toward platforms with tangible utility and revenue-generating potential. This diversification of interest extends beyond pure bitcoin holdings to comprehensive Web3 infrastructure plays.

Crypto Market Conditions Amid Accumulation Phase

The current market backdrop presents a paradox: while spot cryptocurrency trading volumes contracted significantly to $900 billion annually from $1.7 trillion in the prior year, indicating cautious overall sentiment, sophisticated holders continue accumulating bitcoin at accelerated rates. This divergence reflects the selective nature of current market participation.

Bitcoin miners who shifted business operations toward AI infrastructure and high-performance computing have outperformed traditional mining operations, suggesting that capital is flowing toward holdings with diversified revenue streams—a strategy increasingly adopted by major holders managing larger portfolios.

The behavior of institutional holders, retail participants, and platform developers collectively points toward a market in transition: one where participants across the spectrum are positioning for the next phase, even as near-term volatility and macroeconomic uncertainty persist.