Large Bitcoin holders accumulated 61,568 BTC over the past month, even as geopolitical tensions in the Middle East and broader macroeconomic uncertainty intensified.
According to data shared by Santiment, “whales” and “sharks”—wallets holding between 10 and 10,000 BTC—boosted their holdings by 0.45%. Meanwhile, smaller wallets holding less than 0.01 BTC added 213 BTC, a 0.42% increase.
The trend aligns with ongoing Bitcoin exchange outflows throughout March, suggesting that investors are accumulating rather than selling.
Santiment analysts noted that this wave of whale accumulation could signal a potential breakout from the current trading range.
“Ideally, the ranging pattern will break upwards when large wallets are accumulating while retail is selling. Historically, this has been a reliable indicator of the start of bull cycles,” they said.
Geopolitical tensions in the Middle East intensified in February after the U.S. and Israel carried out strikes on Iran, prompting retaliatory actions and ongoing conflict that has added to global market uncertainty.
Some whales wait for breakout; retail driven by FOMO
While many large holders continue accumulating, others have taken a different approach. On March 19, two major Bitcoin whales moved tens of millions of dollars’ worth of BTC onto exchanges as prices dipped and energy markets reacted to attacks on Gulf oil and gas infrastructure.
Dominick John of Zeus Research said the broader trend still points to strategic accumulation ahead of a potential breakout.
“Whales are scooping up BTC as they position for a possible breakout, quietly accumulating during consolidation. Smaller investors, on the other hand, tend to chase momentum, driven by FOMO during rallies,” he explained.
He added that whale buying often occurs in waves, meaning accumulation could continue if market conditions remain stable. However, if retail-driven enthusiasm overheats, it could trigger a temporary pullback before the next phase of accumulation.
Fear and Greed Index signals “extreme fear”
Despite ongoing accumulation, overall sentiment remains fragile. The Crypto Fear & Greed Index dropped to 13 on Friday, placing the market firmly in “extreme fear” territory—highlighting the uncertainty still weighing on investors.
Thursday’s score was 10, and both the prior week and the month of February averaged “extreme fear” ratings as well, according to the index.
