Bitcoin whales are once again increasing their holdings as the price of Bitcoin stabilizes around the $71,000 level. According to blockchain analytics platform Santiment, this renewed accumulation from large holders could indicate a potentially bullish shift in the market.
Recent on-chain data shows that wallets holding between 10 and 10,000 BTC have begun adding more coins after a brief period of selling earlier in the month. Analysts believe this change in behavior may be an early sign that stronger hands are returning to the market.
Bitcoin Whales Increase Holdings as Market Stabilizes
Data from Santiment reveals that large Bitcoin wallets now control approximately 68.17% of the total Bitcoin supply. Just a week earlier, that figure stood at 68.07%, indicating that whales have started accumulating again.
This gradual increase suggests that institutional investors and high-net-worth traders are quietly buying during the current market uncertainty. Historically, whale accumulation has often preceded upward price movements, making this development an encouraging signal for market watchers.
Earlier in March, whale behavior looked very different. Santiment reported that major holders had sold nearly 66% of the Bitcoin they accumulated between Feb. 23 and Mar. 3 when Bitcoin surged above $70,000 and briefly reached $74,000. The recent shift back toward accumulation therefore represents what Santiment describes as a “positive reversal” in market sentiment.
At the time of writing, Bitcoin is trading near $71,350, showing a weekly gain of more than 6%. Over the past 30 days, the leading cryptocurrency has risen by roughly 7.5%, according to data from CoinMarketCap.
Retail Investor Activity Could Determine the Market Bottom
While whale accumulation is typically viewed as a bullish indicator, Santiment emphasizes that retail investor behavior will play a key role in determining whether Bitcoin has truly reached a market bottom.
Ideally, analysts want to see smaller wallets reduce their holdings while whales continue to accumulate. This pattern would indicate that coins are moving from weaker hands to stronger ones — a common signal that a market bottom may be forming.
If retail investors continue buying aggressively, however, it could suggest that the market still has room to decline. Historically, major market bottoms tend to occur when everyday investors lose confidence and start selling their assets.
Investor sentiment remains cautious for now. The Crypto Fear & Greed Index is currently sitting at 16, placing the market firmly in the “Extreme Fear” category.
On-chain analyst Willy Woo has also shared a cautious outlook. According to Woo, Bitcoin may still be “solidly in the middle of its bear market” when viewed through the lens of long-term global liquidity trends.
