Major Investors Return: Bitcoin Whales Accumulate BTC at $71K

The cryptocurrency market's fear gauge recently dropped to 15, indicating extreme fear among investors. However, the largest Bitcoin holders, known as whales, have been taking the opposite approach.

Key Takeaways

Bitcoin whales have increased their holdings significantly, with wallets between 10 and 10,000 BTC now owning 68% of the total supply.
Recent purchases occurred as Bitcoin maintained a price around $71,000, suggesting this price point is viewed as a strategic entry level by large investors.
Analysts are closely observing retail investors, as their selling behavior can signal significant market shifts.
Institutional interest in Bitcoin ETFs is rising, injecting optimism into an otherwise cautious market outlook.

Bitcoin

Increasing Holdings by Bitcoin Whales

According to insights from crypto analytics firm Santiment, wallets that hold between 10 and 10,000 BTC increased their collective share of Bitcoin's total supply to 68% over the past week. This is a slight increase from the previous week, which also stood at 68%. Whales are strategically purchasing Bitcoin, showing particular interest as its price remained stable around $71,000. This price point appears to be a significant entry level for these large holders.

Although the percentage gain seems marginal, Santiment views this as a notable change in direction, especially given the previous weeks' selling. At the time of the report, Bitcoin was trading at approximately $71,470, reflecting a 6% increase from the week before.

Chart

This recent activity stands in stark contrast to the trends observed just a week prior. Reports indicated that large wallet holders sold off 65% of their Bitcoin between February 23 and March 3, right before Bitcoin reached near $74,000. This significant sell-off marked a shift in market sentiment.

Will Retail Investors Follow Suit?

While Santiment is optimistic about the recent purchases by large investors, the overall picture is not entirely clear. Analysts are currently monitoring the behavior of smaller, everyday investors—those with less substantial holdings. Historical data indicates that Bitcoin typically hits its lowest point not when the larger investors sell off, but when everyday buyers decide to exit the market.

Market Trends
Source: Alternative.me

“Markets rarely reward the majority consensus immediately,” Santiment noted in its latest report. If retail investor participation remains strong or continues to grow, analysts speculate it may suggest additional downside risk rather than a market recovery.

This cautious outlook is further supported by on-chain analyst Willy Woo, who recently pointed out that Bitcoin is still “solidly in the middle of its bear market” when analyzed through a long-term liquidity perspective, challenging any immediate bullish sentiment.

BTC Chart
BTCUSD trading at $71,537 on the 24-hour chart: TradingView

Despite the prevailing uncertainty, not everything is negative in the market. U.S. spot Bitcoin ETFs have recorded their first inflow streak of 2026, bringing in about $767 million over the past week. This consistent interest from institutional investors adds complexity to a generally cloudy short-term outlook.

Ultimately, whether the accumulation by Bitcoin whales signifies the beginning of a lasting recovery or just a momentary pause in a longer downward trend will likely depend on the actions of retail investors in the coming days. Santiment emphasizes that they would like to see small wallet holdings decrease while large wallet positions continue to grow—indicative of a typical pattern where coins move from uncertain hands into more stable ownership. For now, this trend appears to be emerging, but its permanence remains to be seen.

Featured image from Shutterstock, chart from TradingView