According to crypto sentiment platform Santiment, major bitcoin wallets are increasing their holdings again as the asset price hovers around $71,000.
“Their recent move to rally is a bullish signal,” Sentiment said in a report on Saturday, referring to wallets holding between 10 and 10,000 Bitcoin (BTC).
“It’s a positive return,” Sentiment added. Sentiment data shows that wallets holding 10 to 10,000 Bitcoin (BTC) now control 68.17% of the total Bitcoin supply, up from 68.07% seven days ago.
Santiment looks at the performance of retail investors
Sentiment said that local potential in Bitcoin could arise if the whales continue to accumulate, while the share of retail investors begins to decrease.
“Ideally, we’d like to see small (retail) wallets shrink while this group grows, which is moving coins from weak hands to strong hands,” Sentiment said.
The surge in retail buying shows over-optimism as the price of Bitcoin has hit historic lows when everyday investors lose hope and sell.
At the same time, the Crypto Fear & Greed Index remained at 16 on “Excessive Fear” on Sunday, indicating that investors are still cautious.
Bitcoin is trading at $71,350 at press time, up 6.30% over the past seven days.
Just over a week ago, Bitcoin shark activity was very different. Sentiment reported on March 6 that in the previous two days, the sharks had sold 66% of the bitcoin they bought between February 23 and March 3, just as Bitcoin rose above $70,000 and briefly touched $74,000.
The bottom of the market is still uncertain
However, Sentiment said that if retail investors continue to buy Bitcoin, this could lead to further declines ahead.
“Historically, markets go down when the ‘crowd’ loses hope.” “Retail purity is currently the biggest argument against a confirmed bottom,” Sentiment said.
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“Markets rarely immediately reward majority consensus,” Sentiment added.
Bitcoin onchain analyst Willy Wu echoed a similar sentiment, saying recently that Bitcoin “is in the middle of a bear market through a long-term liquidity lens.”
This comes as Bitcoin exchange-traded funds (ETFs) in the US recorded their first five-day gain in 2026, bringing in about $767.32 million this week.
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