Major Bitcoin holders acquire 61,000 BTC during month of geopolitical turmoil
Over the past month, Bitcoin whales have amassed over 61,000 Bitcoin while retail investors with smaller wallets purchased 213 coins, leading market analysts to believe these large holders are positioning for an imminent price surge.
Major Bitcoin investors have accumulated an additional 61,568 Bitcoin during the last 30 days amid growing tensions in the Middle East and widespread macroeconomic instability across global markets.
According to an X post published Thursday by Santiment, whales and sharks—classified as entities holding anywhere from 10 to 10,000 Bitcoin (BTC)—have grown their collective holdings by 0.45%, whereas wallets containing less than 0.01 Bitcoin have accumulated 0.42%, equivalent to 213 BTC, throughout the same timeframe.
These numbers align with recent evidence demonstrating that Bitcoin withdrawals from exchanges have continued steadily throughout the month of March, suggesting that Bitcoin investors are in accumulation mode rather than preparing to liquidate their positions.
According to Santiment's analysis team, this pattern of whale accumulation might represent a "promising sign" pointing toward an eventual price breakout from the current trading range.
Ideally, the ranging pattern will break upwards when large wallets are accumulating, while retail is dumping. This has historically been a very reliable pattern to signal the start of bull cycles.
Geopolitical tensions throughout the Middle East intensified during February following coordinated strikes against Iran executed by the US and Israel. In response, Iran launched retaliatory attacks targeting multiple neighboring nations, with the ongoing conflict persisting to the present day.
Some whales wait for breakout; small holders driven by FOMO
However, certain Bitcoin whales are adopting an alternative strategy.
Two major Bitcoin holders transferred tens of millions of dollars worth of cryptocurrency to trading platforms on March 19, coinciding with Bitcoin's price decline and a surge in energy costs following intensified attacks on oil and gas facilities in the Gulf region amid the escalating Iran conflict.
In a statement to Cointelegraph, Dominick John, who serves as an analyst at Zeus Research, explained that the whales engaged in background accumulation are most likely positioning themselves strategically for the upcoming breakout.
Whales are scooping up BTC because they're positioning ahead of a potential breakout, quietly stacking during consolidation periods. Small wallets are chasing the momentum, driven by FOMO during uptrends and the fear of missing the next leg up.
Whales tend to buy in waves, so accumulation could continue if the range holds and macro conditions stay supportive. On the other hand, if retail FOMO overheats, we could see a pause or slight sell-off before the next accumulation phase.
Fear and greed index in "extreme fear"
At the same time, market participant sentiment continues to reflect profound uncertainty. On Friday, the Crypto Fear & Greed Index registered a reading of 13, placing it squarely within "extreme fear" parameters.
The index recorded a score of 10 on Thursday, while both the previous week's average and the entire month of February maintained "extreme fear" classifications as well, based on data from the index.