Bitcoin Whales Resume Accumulation Near $71K, Santiment

Large Bitcoin wallets are increasing their holdings again as the asset’s price holds around $71,000, with Santiment calling the recent shift to accumulation 'a bullish signal' and 'a positive reversal.' Wallets holding between 10 and 10,000 BTC now control 68.17% of Bitcoin’s total supply, up from 68.07% seven days earlier.

Santiment says a potential local bottom could form if whales keep accumulating while retail investors’ share begins to decline. 'Ideally, we want to see small wallets (retail) drop while this group rises, signaling a transfer of coins from weak hands to strong hands,' the platform wrote.

An uptick in retail buying can signal over-optimism, since Bitcoin has historically bottomed when everyday investors lose hope and sell. The Crypto Fear & Greed Index remained in 'Extreme Fear' at 16, and Bitcoin traded at $71,350 at the time of publication, up 6.30% over the past seven days and 7.55% over the past 30 days.

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