• Whales accumulated over 22,000 BTC, pushing total whale holdings beyond 3.44 million BTC
• Bitcoin’s netflows weakened in March, dropping by -27.69% over seven days

Large Bitcoin holders and retail investors have been accumulating at an aggressive pace lately, signaling strong market confidence.

In fact, on-chain data revealed that whales acquired over 22,000 BTC in just three days, pushing total whale holdings beyond 3.44 million BTC. The surge in demand coincided with a sharp price hike, pushing Bitcoin [BTC] from $82,000 to nearly $98,000.

Worth pointing out, however, that at the time of writing, the cryptocurrency was back trading under $80,000.

That’s not all though, with there being a historic spike in retail demand too. Especially with accumulator addresses climbing to an all-time high of 320,000.

This dual accumulation by both large-scale investors and smaller holders hinted at a coordinated bullish momentum. Hence, the question – Is the buying spree sustainable?

“Buy the dip” or whale manipulation?

A closer look at Ali’s on-chain data showed a steady hike in whale Bitcoin holdings throughout February and early March. Over the past month, whales acquired approximately 60,000 BTC – Marking one of the most aggressive accumulation phases in recent history.

The correlation between whale activity and price movements seemed evident too.

Bitcoin’s price fluctuated between $82,000 and $98,000, with a dip in late February, followed by a strong recovery in early March. The timing of these purchases suggested that occasionally, large holders have been strategically accumulating during corrections.

Are the biggest players leaving the table?

Maybe, yes. Data from Glassnode and IntoTheBlock revealed crucial patterns in accumulation and distribution, highlighting their impact on the price action.

Entities holding ≥1,000 BTC have been reducing their holdings since Bitcoin peaked at $106,159 in January. The number of such entities dropped from 1,720+ in December to 1,683 by March – A decline of about 2.14% over three months.

This seemed to be in line with Bitcoin’s price dropping from $106k in January to $80k in March. Such a reduction suggested that whales either took profits or redistributed their holdings.

A sharp drop in whale entities occurred between 7-9 March, correlating with Bitcoin’s price falling from $84,197 to $80,795. Historically, such declines indicate significant sell-offs or capital rotation into other assets.

December’s stability in whale holdings aligned with a price range of $68k–$72k, showing minimal volatility before the January rally.

The supply held by whales (≥100k BTC) ranged from 22.261% in February to 22.173% in March – A small but noticeable reduction.

Who’s really in control?

The 1k–10k BTC cohort saw a larger shift, falling from 16.963% in February to 16.192% in March, suggesting mid-sized whales have been selling more aggressively.

Retail addresses (<1 BTC) continued to accumulate Bitcoin, showing consistent growth despite volatility. The 10–100 BTC category remained stable, indicating that mid-sized holders are less reactive to price changes than whales.

The data confirmed a classic accumulation-distribution cycle, with large whales taking profits post-rally and smaller players stepping in.

Netflow data from IntoTheBlock provided further confirmation of whale behavior.

The largest net inflows occurred on 5 February, with +39.62k BTC entering large holders’ wallets at $97,692. This meant that whales were accumulating at high prices, anticipating further gains.

However, a drop in netflows followed, with only +2.08k BTC on 9 March – A sign of reduced demand from large holders.

Bitcoin’s price decline from $97k in early February to $80k in March aligned with the sharp fall in its netflows.

The 7-day netflow change dropped by -27.69%, while the 30-day netflow plummeted by -546.90%—Pointing to potential exhaustion in institutional accumulation.

And yet, looking at the bigger picture, the 1-year netflow was up by +714.19% at press time. This indicated that while short-term whale interest may be fading, long-term conviction has not disappeared entirely.

A ticking time bomb or a bullish setup?

Whale activity has been the driving force behind Bitcoin’s recent price action. Large holders accumulated aggressively before the January peak of $106,000, but began distributing in February. The reduction in netflows and the drop in 1,000–10,000 BTC holders suggested that some whales are already cashing out.

Bitcoin’s decline to $80,000 and below aligned with this distribution trend. If whales continue offloading, Bitcoin could face further corrections. However, the persistent growth in retail demand and long-term netflows means that not all investors are losing faith.

Whether Bitcoin’s next move is another rally or a deeper pullback will depend on one key question – Are the remaining whales still willing to buy?

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