The number of Bitcoin (BTC) wallets holding at least 100 BTC (roughly $7.7 million at press time) has risen to 20,229. This represents an 11.2% increase over the past year, from 18,191.
On-chain data show that wallets of this size typically belong to whales, institutions, major investors, and highly capitalized long-term holders. The holdings indicate strong long-term conviction, given that Bitcoin has dumped by 27.2% in price over the same period ($105,574 to $77,000).
More recently, Bitcoin experienced a major pullback, dropping from over $82,000 a week ago to $77,000. Geopolitical tensions between the US and Iran have contributed to market-wide risk aversion, with Sunday seeing the largest single-day liquidation of bullish bets (over $700 million) since February 6.
Last week also marked the first negative week in seven for ETF flows. According to CoinShares, digital asset investment products saw $1.07 billion in outflows, with Bitcoin accounting for $982 million.
In the past year, Bitcoin has also experienced major volatility – literally halving in price from its all-time high of about $126,000 to $63,000 on February 28 – the day active hostilities began in the Middle East.
Source: Trading View
Bullish sign flashes
According to the blockchain analytics platform, Santiment Intelligence, whales are showing steady resilience during a time when retail is exuding panic, fear, and skepticism.
“Historically, rising whale wallet counts are viewed as a sign that key stakeholders still have confidence in Bitcoin’s future value and scarcity.”
Source: Santiment Intelligence
Additionally, bullish reversals typically form when retail fear sets in as whale accumulation rises.
That said, the US-Iran conflict remains a major sentiment mover among institutions and retailers alike, causing price swings as consequential developments on the war roll out. We now wait to see whether whales will step in to offset selling pressure and hold larger positions, as has historically been a catalyst for a bullish trend.
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