Major Bitcoin (BTC) holders have begun increasing their positions again as the cryptocurrency trades around the $71,000 level, according to data from crypto analytics platform Santiment.

In a report published Saturday, Santiment highlighted renewed accumulation among wallets holding between 10 and 10,000 Bitcoin. The platform described the change in behavior as a potentially positive signal for the market. “Their recent shift to accumulation is a bullish signal,” Santiment said. According to the firm’s data, this group of wallets now controls 68.17% of Bitcoin’s total circulating supply. That figure has risen slightly from 68.07% recorded a week earlier. “This is a positive reversal,” Santiment added.

Retail investor behavior remains a key factor

Santiment noted that the development could indicate the formation of a local market bottom, but only if accumulation by large holders continues while smaller investors reduce their exposure. “Ideally, we want to see small wallets (retail) drop while this group rises, signaling a transfer of coins from weak hands to strong hands,” Santiment said.

Historically, strong retail participation has often coincided with market optimism, which can delay the formation of a price bottom. In contrast, Bitcoin has typically stabilized when smaller investors begin to lose confidence and exit positions. At the same time, broader sentiment indicators remain cautious. On Sunday, the Crypto Fear & Greed Index stayed in the “Extreme Fear” category with a reading of 16, suggesting that many investors remain wary of market conditions.

At the time of publication, Bitcoin was trading near $71,350, representing a gain of approximately 6.30% over the past week. Over the previous 30 days, the asset has risen about 7.55%, according to CoinMarketCap data.

Market bottom still uncertain

Whale activity has shifted significantly in recent weeks. Santiment previously reported on March 6 that large holders had sold roughly 66% of the Bitcoin they accumulated between Feb. 23 and March 3. Those sales occurred as the price surged above $70,000 and briefly reached around $74,000. Despite the renewed accumulation, Santiment warned that continued retail buying could still indicate additional downside risk.

“Historically, markets tend to bottom when the ‘crowd’ loses hope. The persistence of retail optimism is currently the biggest argument against a confirmed bottom,” Santiment said. “Markets rarely reward the majority consensus immediately,” Santiment added. Bitcoin onchain analyst Willy Woo recently expressed a similar perspective, suggesting that the asset remains “solidly in the middle of its bear market through a lens of long-range liquidity.”

Meanwhile, US spot Bitcoin exchange-traded funds have recently recorded a notable increase in capital inflows. The products logged their first five consecutive days of inflows in 2026, attracting approximately $767.32 million during the week.

Sources:

https://app.santiment.net/insights/read/this-week-in-crypto-full-written-summary-w2-march-2026-10656?utm_source=weekly&utm_medium=email&utm_campaign=year2026week10

https://cointelegraph.com/news/bitcoin-whale-accumulation-btc-price-retail-santiment

https://alternative.me/crypto/fear-and-greed-index/

https://coinmarketcap.com/currencies/bitcoin/