Large Bitcoin Wallets Resume Accumulation as BTC Holds $71K: Santiment

[Oshosondy]

This is the most important part of the news:

The platform reported that wallets holding between 10 and 10,000 Bitcoin have increased their share of the total supply over the past week, signaling renewed confidence among major investors.

These wallets now control about 68.17% of Bitcoin’s circulating supply, up slightly from 68.07% seven days earlier.

https://finance.yahoo.com/news/large-bitcoin-wallets-resume-accumulation-083500334.html

Bitcoin was slightly above $70000/71000 when the news came out but it has increased above $74000 not quite long ago before falling to $73000 just now.

What do you think about this news? Bullish or the bear market will later continue?

[khiholangkang]

The fact that the big holders have started to make moves means that there is something they know from us that is why they are starting to accumulate again as a positive sign towards the market, and it should be positive news, the whales would not have taken bitcoin if they did not know something.
 
Will this reversal continue and bitcoin return to a bullish trend despite the bear market? or is it just an initial reaction? now the price is close to $75k, and will it return to $90k in the next few weeks?s
I think it will continue to rise.

[philipma1957]

The fact that the big holders have started to make moves means that there is something they know from us that is why they are starting to accumulate again as a positive sign towards the market, and it should be positive news, the whales would not have taken bitcoin if they did not know something.
 
Will this reversal continue and bitcoin return to a bullish trend despite the bear market? or is it just an initial reaction? now the price is close to $75k, and will it return to $90k in the next few weeks?s
I think it will continue to rise.

rich middle eastern people are selling off silver and gold because a bomb or missile can destroy it. they are buying more btc to protect from physical damage to their wealth

[STT]

Arguably BTC has been fighting its way upwards since March 2nd, it fell back 8th but fought upwards again so accumulation would make some sense and add into the positive trend vs weekly moving average and other perspectives.

  If you have to move suddenly then selling off the heavy metal at the fairly high prices its got to would make some sense.   Especially trekking across desert like conditions of many of the middle east countries.   I think for anyone globally to diversify makes sense and in the midst of war, people will travel light if they can as just essentials are already overwhelming.
  Mostly I think Bitcoin outran its negatives a while ago but the momentum takes time to turn around properly.  Its going to take more then just this month but seems fair to see BTC putting in the bottom prices for the year here as quite easily possible.

[Zaguru12]

rich middle eastern people are selling off silver and gold because a bomb or missile can destroy it. they are buying more btc to protect from physical damage to their wealth

We should be adding this to the long list of advantages of investing into bitcoin over the precious stones or other investments is that during the time of crisis all what you need secured is the seed phrase of your bitcoin wallet and not carrying heavy tons of stones around because of the fear of them been managed thereby exposing yourself to the outside danger that you possesses such stones.

I think this is the reason why the demand for bitcoin for a week now has increased and caused the market to rise,

[GreatArkansas]

These signs are inspiring! Every time I see posts or news like this, the thing that always comes to my mind is "If these people can buy this huge amount of Bitcoin and hold it, why can't I buy even a few dollars at a time?"

So for those people who are still waiting for some "perfect time" to start accumulating Bitcoin, I really suggest not to be too perfectionist waiting for that "perfect time".

[Don Pedro Dinero]

What do you think about this news? Bullish or the bear market will later continue?

Moderately bullish because it’s not the first time I’ve seen a news story like this and then, shortly afterwards, the price drops. But I do believe that during the recent dip, some whales took the opportunity to accumulate, whilst others waited for the rebound to continue accumulating. But for us to be able to say that we have emerged from the bear market, the price needs to rise even further and for longer. 

[Futurexxx]

What do you think about this news? Bullish or the bear market will later continue?

Their is no need thinking much, because these is a typical example of everyone looking, but sees differently. While most people are selling in panic or are still unconvinced if they should buy or not, some people have already spot an opportunity to be stacking it up knowing fully well that Bitcoin price will bounce back.

To answer your question, I don't think I need a seer to know that it's a positive news but the earlier people start seeing dip as an opportunity to accumulate more, the better, because Bitcoin will always find it way back up. It might not be immediately or in the next few weeks or months, but in due time, it will go back up and set a new all time high.

[rbynxx]

What do you think about this news? Bullish or the bear market will later continue?

Moderately bullish because it’s not the first time I’ve seen a news story like this and then, shortly afterwards, the price drops. But I do believe that during the recent dip, some whales took the opportunity to accumulate, whilst others waited for the rebound to continue accumulating. But for us to be able to say that we have emerged from the bear market, the price needs to rise even further and for longer. 

It's definitely the right mindset right now, I'm not that positive we will get back to $100k that instantly and besides it hasn't break some significant resistance yet, for example the $80k region. It will be a significant milestone for bitcoin in the short term. Yeah and besides a 0.1% increase doesn't seem to be that huge compared to the holders that has fled lately from that drop.

[Omj1014]

The Santiment data is a massive signal. Seeing whales (10-10k BTC) increase their supply share to 68.17% in just a week while we are holding the $71k support is textbook accumulation. When the big players stop selling and start absorbing the liquid supply, a supply shock is usually next. I agree with philipma1957 the portability of BTC makes it the ultimate 'crisis' asset compared to physical gold. Target $90k still looks very much on the table for Q2.

[fullfitlarry]

Looks like very bullish to me, at least in short term. Because this whales knows something that we average joe investors don't. But the key here is just to continue to accumulate as much as we can.

The range of $70k-$80k might be the whales accumulation phase, that's why we have seen this massive buying spree by them. It's just a question on whether how long this will be. But we can only hope that this will be in the long term and not just this month of March.

[Darker45]

I'm afraid this isn't it yet. The bulls aren't here yet. We're still in the middle of the bear market and this is just a temporary rise in the largely sideward movement. I'm expecting the price to go back below $70,000 in a matter of hours or days.

Perhaps this is just mainly brought by the Saylor effect after Strategy purchased almost $1.6 billion of Bitcoin a couple of days ago. The increase of 0.1% in the share of whales isn't that much really and surely doesn't signal a start of a bullish season. Those who have yet to buy still have time left. We're still on sale.