In the past week, Bitcoin experienced a notable decline, falling to approximately $65,000, marking a net loss of 6.74%. This drop emphasizes the asset’s ongoing challenges throughout March, during which it has faced various attempts to break out, ultimately leading to a net monthly decline of 4.4%. Amidst this volatility, the analytical platform Easy On Chain has revealed intriguing trends regarding smart money accumulation in the Bitcoin market.
According to a recent QuickTake post by Easy On Chain, analysts observed that Bitcoin’s price drops in March 2026 have been met with contrasting behavior from smart money investors, including institutional players and ultra-high net worth individuals. The month began on a positive note, with traditional finance driving a surge in Bitcoin purchases. This influx of capital pushed the Fund Market Premium to 2.72 by March 11. However, following a local peak of $76,007 on March 17, there was a strategic retreat by these investors, leading to a decline in demand.
This shift in sentiment was evident, as the Exchange Whale Ratio—a significant selling indicator—rose to 0.835, while the Stablecoin Supply Ratio (SSR) reached 10.95, suggesting a depletion of buying power. Consequently, Bitcoin’s price slid steadily to $65,000, triggering a shift in market psychology. The Net Unrealized Profit/Loss (NUPL) for short-term holders turned negative, prompting panic among these investors.
Despite this, signs of re-accumulation began to surface among long-term holders starting on March 22. The Coins Days Destroyed (CDD) metric showed a significant movement of 2-7 year old coins, hitting 27.1 million, while the exchange inflows remained stable at 48,909. Simultaneously, $2.27 billion in ERC-20 USDT was transferred from exchanges, indicating that whales and institutions preferred to acquire Bitcoin through the OTC market, avoiding public order books on exchanges.
Recent activities among Bitcoin miners further corroborate the trend of accumulation. The selling activity among miners has notably decreased, with total holdings valued at 1,805,235 as of March 27. Given a profit margin of 71.4% based on current prices, these miners are dissuaded from forced selling.
At press time, Bitcoin is trading at $66,003, reflecting a 4.23% loss in just 24 hours. Analysts from Easy On Chain identified a critical support level at $63,200, which corresponds to the realized price for holders of 1.5 to 2 years. For a bullish reversal to materialize, experts suggest that a revival in US spot demand is essential, signaled by positive movements in Coinbase and Fund Premiums.
