For the last six months, Bitcoin’s whale and shark wallets have been impacting the cryptocurrency market in major ways. These wallets hold massive amounts of Bitcoin and hence control a huge part of the market. When these wallets—Bitcoin’s whales and sharks—are buying, the price is going up; when they are selling, the price is going down. And what has been going on over the last week is that they’ve been buying again, which is a major reason why Bitcoin’s price is above $20,000 after having spent much of the week under that level. Whale and Shark Activity: A Shift Towards Accumulation From around mid-February to early March, Bitcoin saw a significant price correction, and this occurred in part because Bitcoin was being sold off by large holders (or, more precisely, by their wallets). These holders, whom we might think of as whales and sharks (in contrast to retail investors), control a huge portion of Bitcoin’s circulating supply, and some of them started to sell. This, then, was one factor pushing the market down, and it added a bit more momentum to the sell-off in crypto prices generally. Since March 3, there has been a noticeable shift. Wallets holding 10 or more Bitcoin (these are classified as whales and sharks) have started to not just hold, but to accumulate more Bitcoin, adding nearly 5,000 BTC back into their collective holdings. This accumulation hasn’t yet had a significant impact on Bitcoin’s price, but it suggests that these big stakeholders, many of whom have made or lost billions in the past, are positioning themselves for a market rebound. Bitcoin's whale & shark wallets have gone through several key turning points these past 6 months, as the chart below reveals. In short, their mild dumping from mid-February to early March contributed to crypto's latest dump. But since March 3, wallets with 10+ $BTC have… pic.twitter.com/Ybh23PNrzK — Santiment (@santimentfeed) March 10, 2025 Even though the price of Bitcoin hasn’t reacted positively to the accumulation, the actions of these whales and sharks usually come before market moves. And historically, these large holders have had the ability to drive price action in the crypto markets. So, it’s at least plausible that Bitcoin’s price could yet recover if they keep on buying. Market Volatility and Key Price Levels to Watch In recent days, the market volatility of Bitcoin has been quite intense, with over $1 billion worth of Bitcoin long positions being liquidated. This underscores the present market’s high level of uncertainty and risk. As Bitcoin trades under its 200-day moving average, it has a lot of eyes on it to see which way it will go. Investors are watching closely to see if any of a few key technical indicators suggest that a rebound might happen soon. More than $1 billion in #Bitcoin $BTC long positions have been liquidated today, highlighting the intense market volatility! pic.twitter.com/nvWCB13ufs — Ali (@ali_charts) March 10, 2025 One indicator used to predict potential market reversals is the TD Sequential, a tool used by traders. Its risk line right now is set at $79,820, a crucial level that Bitcoin must hold above if it is to have any chance at all of reversing the current downtrend. If Bitcoin can manage to hold above this line, it could signal the market turning back around. Another crucial level to keep an eye on, in addition to the TD Sequential risk line, is the $84,000 price point. If Bitcoin can flip it to support, we now have a reasonable way to frame a potential next move up for Bitcoin. The target of that next move up would be the next key price point level to watch above $84,000 all the way up at an insane $128,000, which would totally wreck the narrative of Bitcoin being in a bear market. Last week (March 3 to March 7, ET), Bitcoin spot ETF had a net outflow of US$799 million; Fidelity ETF FBTC had a net outflow of US$201 million; Ethereum spot ETF had a net outflow of US$120 million. https://t.co/YanotfbWiJ — Wu Blockchain (@WuBlockchain) March 10, 2025 Outflows from Bitcoin ETFs Raise Concerns Investor sentiment appears to have taken a hit from recent activity in Bitcoin exchange-traded funds (ETFs). Between March 3 and March 7, Bitcoin spot ETFs saw a net outflow of $799 million, with the Fidelity ETF (FBTC) alone experiencing a $201 million outflow. These outflows suggest that some institutional investors are turning away from Bitcoin, at least for now. One more factor that might possibly be affecting the price of Bitcoin is that it is related to the large outflows from the Bitcoin ETFs. When you have a situation where ETF is at a premium and the net assets tend to be quite large, naturally if the ETF is at a discount, the institution will redeem the share. This is something that tends to put pressure on the price. And we keep hearing on the news saying that institutions are actually redeeming their Bitcoin ETF shares. A Possible Market Rebound Even with the recent tumult and forced selling, there are clear signals that the underlying dynamics of the Bitcoin market could drastically change very soon. And if you take a look at the Bitcoin balance sheets of the market’s whales and sharks, coupled with certain key technical levels, it looks like the very volatile market we have today could soon give way to something much healthier and more stable—possibly even a Big Bull Bitcoin market. If these accumulation trends continue, and if Bitcoin can hold above certain key support levels, like around $79,820 and $84,000, then it could be totally clear skies ahead for another Bitcoin bull run toward an all-time high. Also, if these major Bitcoin holders keep accumulating, their actions could provide the fuel for a recovery in the Bitcoin market. With volatility still high and institutional sentiment shifting, all eyes are on Bitcoin as we move into the second half of March. Should these large stakeholders keep accumulating, they could provide the impetus for a resurgence in Bitcoin, with the fuel of what could be a dramatic recovery and possibly a run at new all-time highs. The crypto market is forever unpredictable, but at the moment, what we’re currently seeing has the potential to be a turning point. It’s something that you need to keep a close eye on if you’re invested in crypto, and especially if you’re invested in Bitcoin. I discuss why I believe it’s more likely than not that Bitcoin is going to make a big move—up or down—in the relatively near future. The reason I think this is tied to both what Bitcoin’s whales and sharks are currently doing and to some key technical indicators. Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services. Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news ! Image Source: nexusplexus/ 123RF // Image Effects by Colorcinch
