The latest data from crypto analytics firm Santiment reveals that major Bitcoin holders are stepping up their accumulation, even as the world’s largest cryptocurrency continues to trade just below $71,000. Addresses holding between 10 and 10,000 BTC have notably increased their share of the total Bitcoin supply over the past week, signaling renewed confidence among large market participants.
Large Holders Signal Renewed Trust in Bitcoin
According to Santiment, wallets containing between 10 and 10,000 Bitcoins now account for approximately 68.17% of all circulating BTC—a modest but notable increase from last week’s 68.07%. Analysts interpret renewed purchasing by these so-called “whale” investors as a positive signal, suggesting these players have regained their faith in the asset’s stability and upside potential. This accumulation trend is viewed as instrumental in fostering overall market confidence.
The uptick in accumulation comes on the heels of weeks of pronounced volatility for the crypto sector. Bitcoin’s price has since stabilized close to $71,350, according to the latest CoinMarketCap figures—marking a roughly 6% rise over the past seven days. Market watchers suggest this newfound steadiness has emboldened large holders to re-enter the market as buyers.
Scrutinizing Small Investor Behavior
Santiment’s latest insights highlight a sharp focus on both large and small investor movements across the crypto market. The analytics firm points out that, historically, significant Bitcoin declines have often coincided with periods when smaller holders transfer coins to larger wallets that typically hold for the long term. Their analysis notes, “Ideally, a decline in the number of small wallets paired with growing large wallet dominance creates a favorable market landscape.”
Periods marked by shrinking small-holder participation and sustained whale accumulation are often viewed as indicators of long-term market bottoms, Santiment remarked.
Nonetheless, Santiment cautions that broader market sentiment remains clouded by uncertainty. The firm emphasizes that as long as retail investors remain optimistic, the formation of a definitive price floor remains elusive. Notably, historical lows for Bitcoin have often occurred during intervals when small investors begin to sell in earnest, further signaling a potential reversal.
The Crypto Fear & Greed Index, a widely referenced barometer of investor sentiment, lingered in the “Extreme Fear” zone at 16 as of Sunday. This highlights an ongoing air of caution among traders, despite Bitcoin’s recent price rebound.
During the sharp sell-off at the start of March, large Bitcoin holders offloaded about 66% of the coins they had acquired between February 23 and March 3. The selloff propelled the price temporarily above $74,000 before settling back below $70,000.
Cautious Optimism Dominates Bitcoin’s Long-Term Outlook
On-chain analyst Willy Woo tempers general market optimism by arguing that, despite signs of renewed activity, Bitcoin could still be in the midst of a longer-term bear market from a liquidity-cycle perspective. Woo highlights improved inflows since mid-February but warns that the broader risk environment is still uncertain. However, the declining stock market volatility index (VIX) could boost risk appetite in the short term.
Bitcoin’s price has stabilized near $70,000, partly attributed to easing geopolitical risks related to Iran. The recent recovery followed a sharp drop to the $63,000–$66,000 range—brought on by surging energy prices and macroeconomic uncertainty. Waning concerns over energy prices and geopolitical strains have underpinned a rally across stocks including the S&P 500, with Bitcoin gaining as much as 4% on a daily basis.
Institutional demand for Bitcoin has also picked up momentum. U.S.-listed spot Bitcoin exchange-traded funds (ETFs) attracted $767 million in new capital over five consecutive sessions—the strongest streak of inflows since 2026 began.
