Big players are back in the game. Bitcoin whale accumulation has returned after a two-week pause, according to on-chain data from Santiment. Wallets holding between 10 and 10,000 BTC have stopped selling and started buying again . These whales control more than 66% of Bitcoin’s circulating supply, so their moves carry real weight .
Whale Wallets Flip from Selling to Buying
The shift happened about two weeks ago. Before that, these large wallets were actively selling. Now they are accumulating again. This matters because whale activity often sets the direction for the broader market .
The buying comes as Bitcoin holds its ground against a weakening stock market. Over the past five weeks, the S&P 500 fell about 2.2% . Bitcoin? It gained 2.4% . Gold also moved higher, up 3.7% over the same period .
Santiment points out that Bitcoin’s lack of ties to any single country’s economy is attracting attention. With the ongoing US-Iran conflict, holders are looking outside traditional equities .
Why This Bitcoin Whale Accumulation Matters
Retail traders have also been buying through the dip. That’s worth watching. When retail and whales move together, it can signal strength. But Santiment notes that heavy retail buying can sometimes be a counter-signal .
Right now, positive comments about crypto outnumber negative ones by a 2:1 ratio . That’s the highest reading in six weeks .
The MVRV data tells another part of the story. Long-term holders (365-day) are sitting on -25% unrealized losses . History shows that buying when long-term holders are in the red often offers better risk-to-reward than buying when they’re in profit .
Short-term holders (30-day) are up +4.7% . That group could sell soon and create pressure .
Funding Rates and Squeeze Potential
Funding rates across exchanges remain negative. More traders are positioned short than long . This setup is classic for a short squeeze. If price moves up, shorts have to buy back, which can fuel more upside .
Whale transaction volumes hit a 1.5-year low on March 7 . That could mean big players are quietly accumulating without making noise. Meanwhile, the total number of non-zero Bitcoin wallets reached an all-time high of 58.59 million .
My Thoughts
This Bitcoin whale accumulation is a big deal. When the largest holders start buying again, it changes the supply-demand math. They now control two-thirds of all coins. Their conviction matters more than retail FOMO.
The MVRV data is especially interesting. Long-term holders are underwater. In past cycles, that’s been a reliable bottom signal. Not a guaranteed bottom, but a zone where risk-reward tilts positive .
The negative funding rates add fuel. If Bitcoin pushes higher, shorts will scramble to cover. That could accelerate any move toward $75,000 or $80,000.
For now, the message is clear: whales are loading up. Retail is optimistic. Long-term holders are stressed. That mix has historically led to upside.
