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Whales and sharks have collectively accumulated over 61,000 Bitcoin in the past month.
According to a report by Jinse Finance on March 27, Cointelegraph reported that data from Santiment shows that in the past month, whale and shark addresses holding between 10 and 10,000 Bitcoins have accumulated 61,568 Bitcoins, an increase of 0.45%. During the same period, addresses holding less than 0.01 Bitcoins have added 213 Bitcoins, an increase of 0.42%.
The data shows that Bitcoin exchange outflows continued throughout March, indicating that holders are accumulating rather than selling. Santiment analysts stated that whale accumulation could be a “positive signal” for a price range breakout. Historically, when large wallets accumulate while retail investors sell, it often signals the beginning of a bull market cycle. The conflict in the Middle East has been escalating since February when the U.S. and Israel launched strikes against Iran.