Key Insights:
- Bitcoin whales increased their holdings and now control a larger share of the supply.
- The accumulation of large wallets returned, and this trend is common when markets are near a local price bottom.
- Bitcoin ETFs and institutional investors resumed delivering inflows.
New data published by crypto analytics firm Santiment showed that Bitcoin whales are accumulating once more, with the cryptocurrency trading around $71,000. According to Santiment, wallets holding 10 to 10,000 Bitcoin recently entered accumulation mode, a shift the firm called a bullish sign. Meanwhile, the overall sentiment indicators show investors remain cautious, with the Crypto Fear and Greed Index still in extreme fear.
Bitcoin Whales Resume Accumulation
Data from Santiment shows that Bitcoin whales, defined as wallets holding between 10 and 10,000 BTC, now control a slightly larger share of the network’s circulating supply compared with the previous week. According to the platform, this group currently holds 68.17% of Bitcoin’s total supply, an increase from 68.07% seven days earlier.
Santiment described the change as a positive reversal after a recent period when large holders had been reducing their positions. Moreover, the firm stated that when large wallets return to accumulation while smaller holders reduce their exposure, the pattern can signal a potential shift in market structure.
In its report, Santiment noted that transfers of coins from smaller holders to larger wallets often reflect a shift from short-term participants to long-term holders. The analytics firm stated that this dynamic is sometimes associated with the formation of a local price bottom.
The platform further pointed out that the richer the accumulation by larger wallets and the more pronounced the decline in retail participation, the better this signal would be. Santiment reported that when the holdings of small wallets decline, and those of large wallets increase, it indicates that the coins are leaving weak hands and going into the hands of stronger holders.
Market Sentiment Still Cautious.
Even though Bitcoin whales have been active in recent weeks, overall investor sentiment remains pessimistic. The Cryptocurrency Fear and Greed Index stood at 16 on Sunday, indicating the market is squarely in the Extreme Fear category.
By the time of publication, Bitcoin was retailing at around $71,350. Market data shows the asset has increased by about 6.30% over the past seven days. However, recent whale behavior contrasts with activity reported earlier in March. On March 6, Santiment stated that large holders had sold around 66% of the Bitcoin they had accumulated between February 23 and March 3. That selling activity occurred as Bitcoin rose above $70,000 and briefly reached a peak near $74,000.
Santiment noted that continued retail buying could introduce additional downside risk. The firm stated that markets historically tend to reach a bottom when retail investors lose confidence and begin selling rather than continuing to accumulate.
The analytics platform said the persistence of retail optimism has historically delayed confirmed bottom formations. Santiment also noted that markets rarely reward majority consensus immediately. Separate commentary from on-chain analyst Willy Woo presented a similar perspective. Woo stated that Bitcoin remains “solidly in the middle of its bear market” when viewed through the lens of long-range liquidity conditions.
Institutional and Corporate Demand Expands
While Bitcoin whales continue adjusting their positions, institutional activity has also shown signs of strengthening. U.S. spot Bitcoin exchange-traded funds recorded their first five-day inflow streak of 2026 last week.
According to available data, the funds attracted approximately $767.32 million in combined inflows over the period. The inflows mark a return of institutional capital into Bitcoin-related investment vehicles after earlier fluctuations.
At the same time, corporate accumulation has remained a major contributor to market demand. Recently, Bitcoin Firm Strategy announced that it currently holds 738,731 BTC. The company acquired the holdings at a total cost of approximately $56 billion.
The scale of these purchases places Strategy among the largest known holders of Bitcoin globally. Based on the available figures, the company’s reserves represent more than 3.4% of Bitcoin’s fixed maximum supply of 21 million coins.
STRC’s preferred share program has become a key mechanism supporting Strategy’s Bitcoin acquisition strategy. Based on the available funding, Davis estimated that the program currently supports purchases averaging about 1,940 BTC per day.
