Bitcoin whales begin accumulating again

According to Santiment data, large wallets holding between 10 and 10,000 Bitcoin have recently turned back to the buying side. The platform described this behavioral shift as a “positive reversal.”

In fact, the numbers also confirm this trend. The share of Bitcoin supply controlled by these wallets increased from 68.07% to 68.17% over the past week. While the change may seem small, it is considered significant for the market structure.

In other words, large investors appear to be increasing their positions at a time when the price is stabilizing around the $71,000 level. The fact that major players are accumulating at these levels is often interpreted as a potential signal about the medium-term direction of the market.

Meanwhile, the price of Bitcoin is trading at around $71,350 at the time of writing, marking an increase of approximately 6.3% over the past seven days.

Key signal for a potential bottom: retail investor behavior

According to Santiment, the behavior of smaller investors will be critical in determining whether the market has actually reached a bottom.

Analysts are particularly watching for the following scenario:

• Retail investors beginning to sell

• Whales continuing to accumulate

• Coins moving from “weak hands” to “strong hands”

Historically, market bottoms tend to form during moments when investor psychology reaches a breaking point and weaker holders begin exiting the market.

However, if retail investors continue buying, Santiment suggests that it could delay the confirmation of a bottom. In crypto markets, periods when the broader investor base remains overly optimistic are often associated with temporary rallies rather than true bottoms.

Fear index remains in “Extreme Fear”

Market sentiment indicators also show that investors remain cautious. The Crypto Fear & Greed Index stayed in the “Extreme Fear” zone on Sunday with a reading of 16.

This suggests that investors are generally still risk-averse. Historically, such periods have sometimes coincided with the early stages of market bottom formation.

The situation looked completely different last week

In fact, whale behavior looked very different just one week ago.

According to Santiment’s data published on March 6, large investors had sold about 66% of the Bitcoin they accumulated between Feb. 23 and March 3. These sales occurred as Bitcoin surged above $70,000 and briefly approached $74,000.

In other words, the market appears to have shifted quickly from a phase of profit-taking back into an accumulation phase.

Analysts remain cautious: bottom not confirmed yet

Santiment’s report highlights one particularly important point: continued optimism among retail investors may suggest that a market bottom has not yet been confirmed.

The platform summarized the situation as follows:

“Markets rarely reward the majority consensus immediately.”

A similar view was expressed by well-known on-chain analyst Willy Woo. According to Woo, when viewed through the lens of long-range liquidity, Bitcoin still appears to be in the middle phase of a broader bear market.

ETF inflows are gaining momentum again

Meanwhile, the institutional side of the market is showing a more positive picture.

Spot Bitcoin ETFs traded in the United States recorded their first five-day inflow streak of 2026. Total weekly inflows reached approximately $767 million.

The return of institutional demand is seen as an important development for the long-term outlook of the market. Still, in the short term, the direction of the market will likely depend on whether whale accumulation continues and how retail investors behave.

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