BlockBeats News, December 16 — According to Cointelegraph, as Bitcoin retraces approximately 30% from its high of $126,200 and hovers near the critical support level of $85,000, on-chain data shows that medium-sized holders and some institutional funds are accelerating accumulation. Glassnode data indicates that “shark addresses” holding between 100 and 1,000 BTC have accumulated approximately 54,000 BTC over the past week, bringing their total holdings from about 3,521,000 to 3,575,000 BTC, with the fastest accumulation rate since 2012, suggesting significant bottom-fishing activity despite the sharp correction. However, the market’s upward potential remains constrained by selling pressure from larger holders. Data shows that long-term and “OG” whales holding over 10,000 BTC have been reducing their holdings over the past two months. Charles Edwards, founder of Capriole Investments, pointed out that record-breaking institutional buying is being absorbed at an unprecedented pace by long-term holders, which may continue to suppress Bitcoin’s short-term price performance. Additionally, veteran trader Peter Brandt warned that Bitcoin has broken below a key parabolic support, and if historical patterns repeat, there is a risk of deeper corrections.
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