Large Bitcoin holders added 61,568 BTC over the past month as geopolitical and macroeconomic tensions rose. On-chain analytics firm Santiment reported that so-called whales and sharks—addresses holding between 10 and 10,000 BTC—boosted their balances by about 0.45% during the period. At the same time, very small wallets holding under 0.01 BTC increased their holdings by roughly 0.42%, equal to about 213 BTC.
Those flows align with steady Bitcoin outflows from exchanges through March, a pattern consistent with investors moving coins off exchanges to hold rather than sell. Santiment said this kind of large-wallet accumulation can be a promising indicator for a future breakout from the current trading range. Historically, upward moves have often followed phases when big holders buy while retail participants trim positions—an arrangement that has preceded past bull cycles.
Market unease has been amplified by rising conflict in the Middle East. Tensions escalated in February after U.S. and Israeli strikes on targets in Iran, and subsequent Iranian responses to neighboring countries have kept the situation unsettled. The disruptions have affected broader markets: on March 19, amid price weakness and higher energy costs following attacks on Gulf oil and gas infrastructure, two whale addresses moved tens of millions of dollars worth of BTC to exchanges.
Dominick John, an analyst at Zeus Research, said the quiet accumulation by large holders looks like positioning for a potential breakout, while smaller wallets are more likely chasing momentum driven by fear of missing out. He noted that whales typically buy in waves, so accumulation may continue if the range holds and macro conditions remain supportive. However, he warned that overheated retail FOMO could trigger short pauses or modest sell-offs before further accumulation resumes.
Investor sentiment remains muted. The Crypto Fear & Greed Index registered an “extreme fear” reading of 13 on Friday, after a 10 on Thursday. The index’s readings for the prior week and for February also averaged in the extreme fear zone.
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