Whale wallets ramp up Bitcoin buying as price hovers around $71K

Whale wallets ramp up Bitcoin buying as price hovers around $71K, according to on-chain data published by Santiment.

Wallets holding between 10 and 10,000 $BTC reversed course from active selling to net accumulation roughly two weeks ago.

The reversal comes as Bitcoin holds gains against a weakening S&P 500. Over the past five weeks, the S&P 500 fell approximately 2.2%, while Bitcoin gained 2.4%.

Gold rose 3.7% over the same period. Santiment analysts attribute the divergence to Bitcoin’s lack of ties to any single country’s economy.

They also drew attention from holders looking outside traditional equities amid ongoing geopolitical conflict involving the US, Israel, and Iran.

Whale wallets ramp up Bitcoin buying as price hovers around $71K

The accumulation among 10–10,000 $BTC wallets is a closely tracked metric on Santiment’s platform.

These entities hold more than 66% of the circulating supply, and their activity tends to carry more weight than smaller retail positions.

Retail traders have continued buying through the price dip, which Santiment flags as a potential counter-signal.

At present, positive social commentary on crypto platforms outnumbers negative commentary at a 2:1 ratio, the highest reading in six weeks.

Bitcoin MVRV data points to long-term holder stress

The 365-day Market Value to Realized Value (MVRV) reading for Bitcoin sits at -25%. Long-term holders are currently underwater on their positions.

Santiment’s historical data shows that buying when long-term holders are in the red has offered a better risk-to-reward setup than entering when they are in profit.

Short-term holders, measured over 30 days, carry an MVRV of +4.7%, raising the possibility of near-term selling pressure from that cohort.

Funding rates across exchanges remain negative, with more traders positioned short than long. Santiment notes this creates conditions for a short squeeze if prices move upward.

Whale transaction volumes hit an approximately 1.5-year low on March 7th. The total count of non-zero Bitcoin wallets also reached an all-time high of 58.59 million.