Bitcoin whales are starting to accumulate again at $71K: Santiment
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Santiment says the recent uptick in Bitcoin whale accumulation is a "positive reversal," and the platform is watching for retail selling to confirm a potential market bottom.
Large Bitcoin wallets are increasing their holdings again as the asset’s price holds around $71,000, according to crypto sentiment platform Santiment.
“Their recent shift to accumulation is a bullish signal,” Santiment said in a report on Saturday, referring to wallets holding between 10 and 10,000 Bitcoin (BTC).
“This is a positive reversal,” Santiment added. Santiment data shows wallets holding 10 to 10,000 Bitcoin (BTC) now control 68.17% of Bitcoin’s total supply, up from 68.07% seven days earlier.
Santiment said that a potential local bottom in Bitcoin could be forming if whales continue accumulating while retail investors’ share of holdings begins to decline.
“Ideally, we want to see small wallets (retail) drop while this group rises, signaling a transfer of coins from weak hands to strong hands,” Santiment said.
An increase in retail buying suggests over-optimism, since Bitcoin’s price has historically bottomed when everyday investors start losing hope and selling.
At the same time, the Crypto Fear & Greed Index stayed in “Extreme Fear” on Sunday at 16, signaling investors are still cautious.
Bitcoin is trading at $71,350 at the time of publication, up 6.30% over the past seven days.
Just over a week ago, Bitcoin whale activity was vastly different. Santiment reported on Mar. 6 that, in the two days prior, whales had sold 66% of the Bitcoin they bought between Feb. 23 and Mar. 3, just as Bitcoin surged past $70,000 and briefly touched $74,000.
However, Santiment said that if retail investors keep buying Bitcoin, it could mean more downside ahead.
“Historically, markets tend to bottom when the ‘crowd’ loses hope. The persistence of retail optimism is currently the biggest argument against a confirmed bottom,” Santiment said.
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“Markets rarely reward the majority consensus immediately,” Santiment added.
Bitcoin onchain analyst Willy Woo echoed a similar view, recently saying that Bitcoin is “solidly in the middle of its bear market through a lens of long-range liquidity.”
It comes as US spot Bitcoin exchange-traded funds (ETFs) logged their first five-day inflow streak of 2026, bringing in roughly $767.32 million this week.
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Source: CoinTelegraph
