Not all whales have been accumulating; two moved tens of millions of dollars to exchanges on March 19 as Bitcoin fell amid an escalation of the Iran conflict.
Large Bitcoin holders accumulated 61,568 more Bitcoin over the past month against the backdrop of escalating conflict in the Middle East and macroeconomic uncertainty.
Whales and sharks, defined as those holding between 10 and 10,000 Bitcoin (BTC), have increased their holdings by 0.45%, while wallets with under 0.01 Bitcoin have added 0.42%, or 213 BTC, over the past month, Santiment said in an X post Thursday.
The figures support recent data showing that Bitcoin exchange outflows have persisted throughout March, indicating that Bitcoin holders are accumulating rather than looking to sell.
