BlockBeats News, March 27th, according to Cointelegraph’s report, on-chain analysis platform Santiment data shows that amid escalating Middle East tensions and macroeconomic uncertainty, Bitcoin “whale” and “shark” addresses (holding from 10 to 10,000 BTC) accumulated a total of 61,568 BTC in the past month, increasing their holdings by 0.45%. At the same time, small wallets holding less than 0.01 BTC also increased by 213 BTC, a growth of 0.42%. The above data is in line with the trend of continuous net outflows from Bitcoin exchanges in March, indicating that holders tend to accumulate rather than sell.
Santiment analysts pointed out that whale accumulation may be a “bullish signal” for the price to eventually break out of the range: “Ideally, a breakout from a range often occurs when large wallets accumulate and retail investors sell, which has historically been a highly reliable signal for the start of a bull market.” Zeus Research analyst Dominick John told Cointelegraph that the whales currently accumulating Bitcoin are likely positioning themselves early for the next breakout, “quietly accumulating during the consolidation period.” He also cautioned that whales tend to buy in batches, and if retail FOMO sentiment becomes overheated, there may be a brief stagnation or minor pullback before the next accumulation phase.
It is worth noting that not all whales are accumulating. On March 19th, two whale addresses transferred tens of millions of dollars worth of Bitcoin to exchanges as Bitcoin fell amid escalating Iran tensions. In terms of sentiment, the Crypto Fear and Greed Index reported 13 on Friday, in the “extreme fear” zone, dropping even lower to 10 on Thursday, maintaining an “extreme fear” rating over the past week and throughout February.
