Bitcoin Whales Resume Accumulation Around $71,000, Santiment Data Shows
Large holders (10‑10,000 BTC) now own 68.17 % of the supply – a modest rise from a week earlier, as the cryptocurrency climbs above the $71 k threshold.
Overview
Crypto‑market analytics firm Santiment reported on Saturday that “whale‑level” Bitcoin wallets have shifted back to buying as the price steadied near the $71 k mark. The platform tracks on‑chain activity and classifies “large wallets” as those holding between 10 and 10,000 BTC. According to its latest metrics, these wallets now control 68.17 % of all Bitcoin, up from 68.07 % just seven days ago.
At the time of writing, Bitcoin is trading around $71,350, reflecting a 6.3 % gain over the past week and a 7.55 % rise in the last 30 days.
Whale Behaviour: From Selling to Buying
Only a fortnight earlier, Santiment’s on‑chain snapshot painted a very different picture. In the two days preceding March 6, whales had sold roughly two‑thirds of the Bitcoin they accumulated between Feb 23 and Mar 3, coinciding with a rapid price surge past $70 k and a brief peak near $74 k.
The recent uptick in accumulation signals a “positive reversal” in the sentiment of these large holders. Santiment interprets the move as a bullish signal, suggesting that the strongest participants are once again positioning for higher prices.
Retail vs. Institutional Dynamics
Santiment’s analysts argue that a local bottom could form if the share of Bitcoin held by smaller, retail‑type wallets continues to shrink while the whale cohort expands. In their view, a shift of coins from “weak hands” (retail) to “strong hands” (whales) would be a classic distribution‑to‑concentration pattern that often precedes a sustained upside.
However, the platform warns that persistent retail buying may postpone a true market bottom. Historically, Bitcoin’s deepest lows have aligned with a loss of confidence among everyday investors, who start selling en masse. The Crypto Fear & Greed Index remains in the “Extreme Fear” zone (value 16) as of Sunday, indicating that overall market sentiment is still cautious.
Broader Market Context
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On‑chain analysis: Veteran analyst Willy Woo concurs that Bitcoin appears “solidly in the middle of its bear market” when viewed through long‑range liquidity lenses, underscoring that the recent price rally is not yet a decisive trend reversal.
- ETF inflows: U.S. spot Bitcoin exchange‑traded funds (ETFs) have logged a five‑day inflow streak for 2026, attracting roughly $767 million in fresh capital this week. The fresh institutional money could be supporting the price, but the magnitude of inflows remains modest relative to Bitcoin’s overall market cap.
Key Takeaways
| Point | Implication |
|---|---|
| Whale accumulation up to 68.17 % of supply | Large holders are increasingly net buyers, a sign of confidence among the strongest market participants. |
| Retail share falling | Potential redistribution from small investors to whales, often a pre‑condition for a sustainable rally. |
| Crypto Fear & Greed at “Extreme Fear” (16) | Market participants remain wary; price gains may be driven more by institutional activity than broad retail optimism. |
| Recent price action: +6.3 % weekly, +7.55 % monthly | Momentum is positive, but short‑term volatility remains high. |
| Willy Woo’s bear‑market view | On‑chain liquidity suggests Bitcoin is still navigating a bearish environment despite short‑term price gains. |
| Spot Bitcoin ETF inflows ($767 M this week) | Institutional capital continues to flow in, potentially providing a floor for price support. |
Outlook
If whales keep building positions while retail enthusiasm wanes, Santiment believes a local bottom could solidify, setting the stage for a more pronounced upward move. Conversely, sustained retail buying—especially if it fuels price expectations beyond fundamentals—might prolong downside risk and delay any decisive trend change.
Investors should monitor on‑chain distribution metrics, ETF flow data, and traditional sentiment gauges such as the Fear & Greed Index for a clearer picture of where Bitcoin’s next price pivot may occur.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Readers should conduct their own research and consider their risk tolerance before making investment decisions.
Source: https://cointelegraph.com/news/bitcoin-whale-accumulation-btc-price-retail-santiment?utm_source=rss_feed&utm_medium=feed&utm_campaign=rss_partner_inbound
