On-chain analytics firm Santiment has published a significant report detailing substantial Bitcoin accumulation by large-scale investors, commonly known as whales, over the past month. According to the data, addresses holding between 10 and 10,000 BTC purchased a total of 61,568 BTC in the last 30 days, representing a 0.45% increase in their collective holdings.
This aggressive accumulation occurred during a period of price consolidation and recent declines, with Bitcoin trading around $68,100. Santiment analysts suggest that this pattern, where large wallets accumulate while retail sentiment is fearful, has historically been a reliable precursor to the start of bull cycles and upward price breakouts.
The report highlights a broader buying trend across market segments. Notably, small-scale retail investors, specifically wallets holding under 0.01 BTC, also increased their balances by 213 BTC (a 0.42% rise) during the same period. This indicates accumulation activity is not isolated to whales.
Santiment linked the whale activity to persistent exchange outflows throughout March, which typically signal investors are moving assets into cold storage for long-term holding rather than preparing to sell. Analyst Dominick John of Zeus Research commented, "Whales are scooping up BTC because they’re positioning ahead of a potential breakout... They stack holdings quietly during consolidation periods."
However, the report also notes contrasting activity from some large holders. On March 19, two whales moved tens of millions of dollars worth of BTC to exchanges, potentially for selling, amidst market volatility linked to geopolitical tensions and rising energy prices following attacks on Gulf oil infrastructure.
Market sentiment remains cautious, with the Crypto Fear & Greed Index recording a score of 13, placing it firmly in "extreme fear" territory. Despite this negative sentiment, the sustained accumulation by key stakeholders is viewed by analysts as a promising sign for a potential breakout from the current trading range, though macroeconomic developments are still considered decisive for future price movements.
