Large Bitcoin Holders Return to Buying as BTC Trades Near $71K

• Large Bitcoin wallets have shifted from selling to accumulation.
• BTC gained about 2.4% while the S&P 500 declined over the past five weeks.
• On chain metrics show long term holder MVRV near  25%.

Large holders of Bitcoin have resumed accumulation after several weeks of selling, according to data from the on chain analytics firm santiment

Wallets holding between 10 and 10,000 BTC shifted back to net buying roughly two weeks ago. The development comes as Bitcoin trades near $71,000, maintaining relative strength compared with traditional financial markets.

Market data shows Bitcoin rising about 2.4% over the past five weeks, while the S&P 500 declined roughly 2.2% during the same period. Meanwhile, Gold gained around 3.7%, highlighting diverging performance across major asset classes.

Analysts at Santiment said Bitcoin’s global and decentralized nature can sometimes attract capital when investors seek alternatives to traditional markets. Recent geopolitical tensions involving the United States, Israel, and Iran have also contributed to increased interest in non sovereign assets.

The activity of large Bitcoin holders is closely monitored because these wallets control a substantial share of the supply. Santiment estimates that wallets holding between 10 and 10,000 BTC collectively control more than 66% of the circulating supply, making their behavior an important indicator of market sentiment.

At the same time, retail traders have continued purchasing during recent price dips. Santiment notes that retail enthusiasm can occasionally act as a counter signal when sentiment becomes overly optimistic.

On chain indicators also suggest mixed conditions. The 365 day Market Value to Realized Value (MVRV) ratio for long term Bitcoin holders currently sits near  25%, indicating that many holders remain below their average acquisition price.

Historically, periods when long term holders are in loss have coincided with accumulation phases that precede market recoveries. However, short term holder data and negative funding rates across derivatives markets suggest volatility could persist in the near term.

Market participants will likely continue monitoring whale accumulation trends and on-chain indicators for signals about Bitcoin’s next directional move.