That 0.45% increase in holdings came even as geopolitical tensions flared and broader financial markets turned choppy. At the same time, the smallest wallets — those holding under 0.01 BTC — also added coins, picking up around 213 Bitcoin, a 0.42% rise. The two groups moved in the same direction, but for different reasons, analysts say.
Dominick John, an analyst at Zeus Research, said that large holders are quietly stacking during flat-price periods, not reacting to daily headlines. Small wallet holders, he said, are driven by something else entirely — fear of missing out when prices tick upward.
“Small wallets are chasing the momentum,” John said, adding that if retail buying overheats, a brief sell-off before the next accumulation wave is possible.
A Pattern Analysts Have Seen BeforeSantiment analysts pointed to a longer historical pattern: when large wallets accumulate while smaller holders are selling, it has often preceded the start of a sustained price rise.
The firm called the current behavior a “promising sign” that a breakout from the months-long trading range could be ahead — and that the direction of that breakout is more likely to be up than down.
Bitcoin exchange outflows have also been steady throughout March, data shows. Coins leaving exchanges typically signal holders are moving assets into cold storage, a sign they plan to hold rather than sell in the short term.
Not every major holder has been buying, though. On March 19, two Bitcoin whales moved tens of millions of dollars worth of coins onto exchanges — a move that often precedes a sale. That day, Bitcoin prices dropped as attacks on Gulf oil and gas infrastructure pushed energy prices higher and rattled markets tied to the Iran conflict.
Extreme Fear Grips The Market Featured image from EG Healthcare, chart from TradingView
