Whales Accumulate 4,846 BTC, Signaling Potential Bullish Reversal

Bitcoin, the largest digital asset, has been experiencing a decline, reaching as low as $77,760 from its new all-time high of $109,000. Despite this notable decrease, there are signs that bullish sentiment might be returning among investors as they ramp up their coin holdings. Santiment, a leading market intelligence and on-chain platform, reported that buyers are beginning to return to the market, casting a bullish outlook for BTC.

On-chain data indicates that large investors and traders, particularly whales and sharks, are adding more BTC to their holdings. These big investors have experienced numerous crucial turning points over the last 6 months prior to their recent BTC accumulation. Their modest dumping between mid-February and early March played a part in the most current crypto dump. The recent rise in accumulation is seen among wallet addresses containing more than 10 BTC, suggesting renewed confidence in its future performance. In the past 6 days, these whales and sharks have purchased about 4,846 BTC. These cohorts have been adding to their holdings even as retail traders display heightened fear and panic.

Historically, positive trends like these have triggered an upward move in BTC’s price in the short term. As a result, the on-chain platform is confident about a bullish atmosphere for BTC in the upcoming weeks. Santiment has predicted that this month could perform better than the previous two. “Prices have not reacted to their buying just yet, but don’t be surprised if the 2nd half of March turns out much better than the bloodbath we’ve seen since Bitcoin’s ATH 7 weeks ago,” the platform stated. However, this is only likely as long as BTC whales and sharks extend their huge accumulation. As high-net-worth and institutional investors solidify their holdings, Bitcoin’s supply dynamics might shift in favor of sustained growth.

This increase in buying interest was also spotted among small investors during the previous brief upswing in BTC’s price last week. Following the brief surge, small Bitcoin wallet addresses experienced an additional 50,000 wallets on the network than there were a month ago. Data from Santiment shows that about 37,390 more wallets were created among holders of less than 0.1 BTC, usually referred to as shrimps. Furthermore, wallets containing between 0.1 BTC and