<div id="readability-page-1"><ul><li><em>Whales accumulated over 22,000 BTC, pushing total whale holdings beyond 3.44 million BTC</em></li><li><em>Bitcoin’s netflows weakened in March, dropping by -27.69% over seven days</em></li></ul><p>Large Bitcoin holders and retail investors have been accumulating at an aggressive pace lately, signaling strong market confidence.</p><p>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.</p><p>Worth pointing out, however, that at the time of writing, the cryptocurrency was back trading under $80,000.</p><div id="attachment_474266"><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/03/Screenshot-2025-03-10-183258.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="729" height="541" original-src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/03/Screenshot-2025-03-10-183258.png"/></p><p id="caption-attachment-474266">Source: X</p></div><p>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.</p><p>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?</p><div id="attachment_474268"><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/03/Screenshot-2025-03-10-183306.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="734" height="569" original-src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/03/Screenshot-2025-03-10-183306.png"/></p><p id="caption-attachment-474268">Source: X</p></div><h2>“Buy the dip” or whale manipulation?</h2><p>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.</p><p>The correlation between whale activity and price movements seemed evident too.</p><p>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.</p><h2>Are the biggest players leaving the table?</h2><p>Maybe, yes. Data from Glassnode and IntoTheBlock revealed crucial patterns in accumulation and distribution, highlighting their impact on the price action.</p><div id="attachment_474276"><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/03/glassnode-studio_btc-number-of-entities-with-balance-1k.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="2560" height="1440" original-src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/03/glassnode-studio_btc-number-of-entities-with-balance-1k.png"/></p><p id="caption-attachment-474276">Source: Glassnode</p></div><p>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.</p><p>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.</p><div id="attachment_474279"><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/03/glassnode-studio_btc-entities-supply-distribution.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="2560" height="1440" original-src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/03/glassnode-studio_btc-entities-supply-distribution.png"/></p><p id="caption-attachment-474279">Source: Glassnode</p></div><p>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.</p><p>December’s stability in whale holdings aligned with a price range of $68k–$72k, showing minimal volatility before the January rally.</p><p>The supply held by whales (≥100k BTC) ranged from 22.261% in February to 22.173% in March – A small but noticeable reduction.</p><h2>Who’s really in control?</h2><p>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.</p><p>Retail addresses (&lt;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.</p><p>The data confirmed a classic accumulation-distribution cycle, with large whales taking profits post-rally and smaller players stepping in.</p><p>Netflow data from IntoTheBlock provided further confirmation of whale behavior.</p><p>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.</p><div id="attachment_474280"><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/03/Screenshot-2025-03-10-181929.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="1665" height="464" original-src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/03/Screenshot-2025-03-10-181929.png"/></p><p id="caption-attachment-474280">Source: IntoTheBlock</p></div><p>However, a drop in netflows followed, with only +2.08k BTC on 9 March – A sign of reduced demand from large holders.</p><p>Bitcoin’s price decline from $97k in early February to $80k in March aligned with the sharp fall in its netflows.</p><p>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.</p><p>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.</p><h2>A ticking time bomb or a bullish setup?</h2><p>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.</p><p>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.</p><p>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?</p></div>

GBTC

<p>Bitcoin whales have accumulated over 22,000 BTC recently, raising total holdings to over 3.44 million BTC, despite a drop in netflows by -27.69% in March. This accumulation by large holders and retail investors indicates strong market confidence, although some whales are reducing their holdings. Bitcoin's price fluctuated between $82,000 and $98,000, currently trading under $80,000. The future price movement may depend on whether whales continue to buy or offload their assets, amidst a backdrop of increasing retail demand and long-term netflows remaining positive.</p>

Bitcoin’s latest whale trends and what they mean for traders like you