Large Bitcoin holders are increasing their holdings again as the price of Bitcoin trades near $71,000, according to blockchain analytics platform Santiment.
Santiment reported that wallets holding between 10 and 10,000 Bitcoin have begun accumulating again, signalling a shift in sentiment among larger investors.
“Their recent shift to accumulation is a bullish signal,”
Santiment said in a report.
Data from Santiment shows these whale wallets now control about 68.17% of the total Bitcoin supply, slightly higher than the 68.07% recorded a week earlier.
The firm said a local market bottom could emerge if whale accumulation continues while retail investors begin reducing their exposure to Bitcoin.
Historically, market bottoms tend to form when smaller investors lose confidence and sell, allowing larger holders to accumulate assets at lower prices.
The Crypto Fear & Greed Index remained in the “Extreme Fear” zone at a reading of 16, reflecting continued caution among investors.
At the same time, US spot Bitcoin exchange-traded funds recorded roughly $767 million in inflows during a five-day streak, signalling ongoing institutional interest in the asset.
At the time of reporting, Bitcoin price was $72,510.52.