Large Bitcoin holders have added 61,568 BTC to their positions over the past month, even as conflict in the Middle East intensifies and broader economic conditions remain unsettled. Data shared by analytics platform Santiment on Thursday shows that wallets holding between 10 and 10,000 BTC — categorized as whales and sharks — grew their holdings by 0.45% during the period. Smaller wallets holding under 0.01 BTC also saw modest growth, adding approximately 213 BTC, or 0.42%, over the same timeframe. The figures align with broader data showing persistent Bitcoin exchange outflows throughout March, suggesting holders are choosing to accumulate rather than sell.
Santiment analysts describe the whale accumulation trend as a potentially promising indicator for future price movement. According to the analysts, a breakout from the current trading range is most likely to occur when large wallet holders are building positions while retail participants are selling. They note this pattern has historically served as a reliable signal for the beginning of bull market cycles. The analysts expressed that an upward break from the current range would be the ideal outcome under these conditions.
Dominick John, an analyst at Zeus Research, told Cointelegraph that whales accumulating in the background are likely positioning themselves ahead of a potential price breakout. He described the behavior as quietly stacking Bitcoin during consolidation periods, while smaller wallets are driven by fear of missing out during uptrends. John noted that whales tend to buy in waves, meaning accumulation could persist if the current range holds and macroeconomic conditions remain supportive. However, he cautioned that if retail enthusiasm overheats, a pause or minor sell-off could precede the next accumulation phase.
Not all large holders are moving in the same direction. On March 19, two Bitcoin whales transferred tens of millions of dollars worth of BTC to exchanges as the Bitcoin price declined and energy costs rose. Those moves came as attacks on Gulf oil and gas infrastructure intensified the ongoing conflict stemming from the Iran situation. The divergence in whale behavior highlights that large holders are not acting as a single unified group, with some choosing to exit positions while others continue to build them.
The geopolitical backdrop has added pressure to an already uncertain market environment. Tensions escalated in February after the United States and Israel launched strikes against Iran, which subsequently retaliated against several neighboring countries. The conflict has continued since, contributing to volatility in both energy markets and risk assets. Bitcoin’s price movement has reflected this broader unease, with the asset trading within a defined range rather than establishing a clear directional trend.
Investor sentiment across the crypto market remains deeply cautious. The Crypto Fear & Greed Index registered a score of 13 on Friday, placing it firmly within “extreme fear” territory. Thursday’s reading was even lower at 10, and both the prior week and the entire month of February averaged scores that also fell within the “extreme fear” category. The sustained low sentiment readings suggest that retail participants have yet to regain confidence, even as large holders continue to quietly increase their exposure to Bitcoin.
Originally reported by CoinTelegraph.
