Bitcoin’s largest holders kept doing what they do best: adding to their positions. Even as global uncertainty and weak short-term sentiment weighed on the market.
Santiment said in an X post Thursday that wallets holding between 10 and 10k BTC added 61,568 Bitcoin over the previous 30 days. As a result, their total holdings increased by 0.45 percent.
In comparison, wallets with less than 0.01 Bitcoin increased their holdings by 0.42 percent, which equals 213 BTC. The data shows that both large and small holders kept buying, although the biggest wallets still led the trend.
Investors take the opportunity during the Bitcoin pullback
Usually, sharp declines make large investors more cautious when BTC falls. But in this case, whales and sharks continued to accumulate.
According to Santiment, the most reliable early bull signal usually appears when large wallets are buying while retail traders are selling or stepping back. That pattern shows smart money entering before public excitement returns.
Right now, that full setup has not appeared. Both large and small holders are accumulating at nearly the same rate. Because of that, Bitcoin is still moving sideways instead of making a strong upward break.
The firm stated, “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.”
BTC withdrawals from exchanges and holder demand could lift prices
Bitcoin may be entering a tighter supply phase across major exchanges, which could support the market if the trend continues.
CryptoQuant said on Thursday that large amounts of BTC have been leaving trading platforms, while long-term holders have continued to add to their positions. As a result, fewer coins may be available for quick selling. If demand stays strong, this trend could help support Bitcoin’s price.
The trend first gained attention after Bitfinex recorded a major $1.57 billion Bitcoin withdrawal on 16 March. Since then, similar outflows have appeared across other major exchanges.
OKX saw a $678 million withdrawal on 22 March, and Kraken recorded a $728 million outflow on 23 March. Binance also posted another $400 million Bitcoin withdrawal on 25 March.
At the same time, long-term holders continued to accumulate Bitcoin. According to Cryptoquant, this is an important pattern because when Bitcoin leaves several exchanges in large quantities, and long-term holders continue to accumulate, it usually indicates lower selling pressure in the short term.
The firm noted, “The broader takeaway is that Bitcoin’s sell-side liquidity may be tightening again. If this trend continues, the market could be entering another phase where reduced exchange balances and stronger long-term holder demand create a more supportive backdrop for price.”
Meanwhile, BTC is still facing pressure. As of writing this report, BTC is currently changing hands at $66,349. down 6 percent in the past 24 hours. Yesterday, it rose to a high of $69,789 but was quickly forced lower by selling pressure. It is currently still below the $72,000 price level that it previously traded at earlier this week.
