Large Bitcoin wallets are once again ramping up their holdings as the cryptocurrency hovers around the $71,000 mark, according to insights from the crypto sentiment platform Santiment. This uptick in accumulation by wallets containing between 10 and 10,000 Bitcoin (BTC) is being interpreted as a bullish indicator. Santiment highlights that the control of Bitcoin’s total supply by these wallets has risen from 68.07% to 68.17% over the course of a week, reflecting a notable shift in market dynamics.
The firm further posited that a potential local market bottom for Bitcoin might be on the horizon if these large holders, often referred to as whales, continue their accumulation while the share of holdings by retail investors declines. Santiment emphasized that a decrease in small wallets, indicative of retail investors, alongside an increase in large wallets suggests a transfer of assets from weaker hands to stronger hands.
Currently, the Crypto Fear & Greed Index registers at “Extreme Fear,” with a score of 16, illustrating a cautious sentiment among investors even as Bitcoin’s price shows a 6.30% increase over the past week, trading at approximately $71,350.
In an earlier observation, Santiment noted contrasting whale behavior: on March 6, the platform reported that, in the preceding days, whales liquidated about 66% of the Bitcoin they had previously purchased while the asset surged past the $70,000 threshold and briefly approached $74,000. This fluctuation in whale activity raises questions about market stability and potential future trends.
While the accumulation trend by large wallets could be viewed as a constructive signal, Santiment warns that a sustained retail buy-in might indicate a looming downturn. The firm stresses the historical pattern where markets typically find their bottoms when the broader public loses faith and begins to sell off. The current climate of retail enthusiasm is, therefore, seen as a critical factor countering the notion of a confirmed market bottom.
Willy Woo, a prominent on-chain analyst, has echoed these sentiments, suggesting that Bitcoin remains “solidly in the middle of its bear market” from a long-term liquidity perspective. This aligns with recent activity in the market as U.S. spot Bitcoin exchange-traded funds (ETFs) experienced their first five-day inflow streak of 2026, attracting nearly $767.32 million in investments over the week.
The landscape remains uncertain, and as market participants navigate these complex signals, the coming days will be crucial in determining Bitcoin’s trajectory and the broader sentiment in the cryptocurrency sector.
