Large Bitcoin Wallets Resume Accumulation as BTC Holds Steady at $71,000: Santiment

Large Bitcoin Wallets Resume Accumulation as BTC Holds Steady at $71,000: Santiment

As Bitcoin hovers close to $71,000, large holders, often referred to as "whales," have started accumulating the cryptocurrency again, according to insights from crypto analytics firm Santiment.

Key Takeaways:

Bitcoin whales, who hold between 10 and 10,000 BTC, are increasing their holdings as prices stabilize around $71,000.
These large wallets now command approximately 68.17% of Bitcoin's total circulating supply, indicating a resurgence of confidence among significant investors.
Analysts caution that a confirmed market bottom may rely on retail investors opting to sell rather than continue purchasing.

Data from Santiment reveals that wallets holding between 10 and 10,000 Bitcoin have increased their ownership proportion over the past week, indicating renewed confidence among major stakeholders.

These wallets now control roughly 68.17% of Bitcoin's circulating supply, slightly up from 68.07% recorded just seven days ago.

Bitcoin Whale Accumulation Indicates a ‘Positive Reversal’: Santiment

Santiment refers to this trend as a “positive reversal,” implying that larger holders might be preparing for a potential market rebound.

This accumulation comes as Bitcoin's price stabilizes around $71,000 following periods of volatility in the broader cryptocurrency market.

As of this publication, Bitcoin was trading at approximately $71,350, representing an increase of about 6% over the past week and over 7% in the last 30 days, according to CoinMarketCap data.

Analysts are closely monitoring the actions of both large holders and retail investors for clues about the market's potential direction.

Historically, Bitcoin has found local bottoms when there is a transfer of coins from smaller retail wallets to larger, more sustained holders.

"Ideally, we want to see small wallets decline while this group rises," Santiment mentioned, emphasizing the importance of transferring coins from short-term traders to those with a long-term outlook.

Nevertheless, the firm highlighted that market uncertainty may persist if retail enthusiasm continues to dominate.

Historically, Bitcoin has tended to reach its lowest points when retail investors become pessimistic and begin selling, rather than when there is widespread optimism.

Sentiment indicators currently reflect a mixed outlook. The Crypto Fear & Greed Index remained in the "Extreme Fear" category at 16 on Sunday, suggesting that many investors remain cautious even with recent price recoveries.

The latest accumulation trend comes on the heels of significant selling activity observed earlier in March.

On March 6, Santiment reported that large Bitcoin holders had offloaded about 66% of the BTC they had purchased between February 23 and March 3, as prices surged past $70,000 and briefly hit $74,000.

Market Analysis: Bitcoin May Still Be in Bear Market Phase – Insights from Willy Woo

Some analysts urge caution in proclaiming a definitive market bottom.

On-chain analyst Willy Woo recently noted that Bitcoin might still be navigating a prolonged bear market phase when viewed through the lens of long-term liquidity cycles.

As discussed, Bitcoin’s price is starting to stabilize near the $70,000 mark as fears surrounding a broader conflict with Iran diminish.

This resurgence follows a sharp multi-week selloff, occurring alongside rising oil prices and deteriorating macroeconomic sentiment, which had driven Bitcoin down to the $63,000–$66,000 range during heightened geopolitical tensions.

Markets are beginning to rebound as energy prices soften after discussions hinting at the potential de-escalation of conflict. Risk assets reacted swiftly, with the S&P 500 seeing gains while Bitcoin rose about 4% on the daily chart.

Simultaneously, institutional inflows appear to be gaining momentum. US spot Bitcoin exchange-traded funds recorded their first five-day inflow streak of 2026 this week, attracting approximately $767 million in new investments.