Santiment: Large Bitcoin holders have reaccumulated nearly 5,000 Bitcoins in the past week, and market performance may improve in the second half of the month
ChainCatcher news, according to Santiment analysis, wallets holding more than 10 bitcoins have experienced several key turning points in the past 6 months. A slight sell-off from mid-February to early March exacerbated the recent decline in the crypto market, but since March 3, these large wallets have been accumulating nearly 5,000 bitcoins again, while retail investor sentiment remains fearful.
Data charts show several key timestamps: on October 12 last year, large holders began accumulating at the start of the bull market; accumulation paused during the holiday drop on December 26; accumulation resumed on January 12, a week before Trump's inauguration (when bitcoin reached a historic high of $109,000); selling began on February 19; and accumulation started again on March 3, when retail sentiment was at its most pessimistic.
Santiment states that while prices have not yet reacted to the buying behavior of large holders, if these key stakeholders continue to accumulate, the market performance in the second half of March may be better than the "bloodbath" seen in the 7 weeks following bitcoin's historic high.