Bitcoin Whales Resume Buying at $71K Amid Bullish Sentiment

Bitcoin's price has been on a wild ride recently, and the latest data from Santiment suggests that whales are once again buying into the cryptocurrency. According to the analytics platform, wallets holding between 10 and 10,000 Bitcoin now hold 68.17% of the total Bitcoin supply, up slightly from 68.07% seven days earlier.

This trend is being seen as a positive reversal by Santiment, which describes it as a bullish signal. However, a confirmed local market bottom would require an additional condition: retail wallet holdings would need to decline at the same time as whale holdings continue to rise.

The current behavior is a reversal from activity recorded just over a week earlier, when whales sold 66% of the Bitcoin they had accumulated between February 23 and March 3. That selling coincided with Bitcoin pushing past $70,000 and briefly touching $74,000.