Amid increasing global uncertainty, Bitcoin whales have accumulated 61,568 BTC in the past month.

BlockBeats news, on March 27, according to Cointelegraph, on-chain analysis platform Santiment’s data shows that amid escalating tensions in the Middle East and macroeconomic uncertainty, Bitcoin “whales” and “sharks” (addresses holding 10 to 10,000 Bitcoins) accumulated a total of 61,568 Bitcoins over the past month, increasing their holdings by 0.45%. Meanwhile, small wallets holding less than 0.01 Bitcoins also increased by 213, a growth of 0.42%. This data aligns with the trend of continued net outflows from Bitcoin exchanges in March, indicating that holders tend to accumulate rather than sell.

Santiment analysts point out that the accumulation by whales could be a “positive signal” for a potential price breakout: “Ideally, upward breakouts often occur during the accumulation by large wallets and the selling by retail investors, which historically has been a highly reliable signal for the start of a bull market.” Zeus Research analyst Dominick John told Cointelegraph that the whales currently hoarding Bitcoin are likely positioning themselves in anticipation of the next breakout, “quietly building their positions during the consolidation period.” He also cautioned that whales tend to buy in batches, and if retail FOMO (Fear of Missing Out) emotions run too hot, there may be a short pause or slight pullback before the next accumulation phase arrives.

It is worth noting that not all whales are accumulating. On March 19, two whale addresses transferred tens of millions of dollars in Bitcoin to exchanges as Bitcoin declined amid the escalating conflict in Iran. On the sentiment front, the Crypto Fear & Greed Index reported a score of 13 on Friday, in the “extreme fear” range, dropping even lower to 10 on Thursday. It maintained an “extreme fear” rating over the past week and throughout February.