Bitcoin whales bought an additional 61,000 BTC in a month amid global instability.

Large investors are continuing to accumulate Bitcoin at a notable pace amid escalating geopolitical tensions and still-unstable macroeconomic conditions. On-chain data released by Santiment shows that large wallets have added more than 61,000 BTC over the past month, reflecting that long-term confidence remains present even as the short-term market is still highly volatile.

According to statistics, the “whales” and “sharks” group — meaning addresses holding between 10 and 10,000 BTC — increased their total balance by 0.45% over the past month. At the same time, the very small-wallet group holding under 0.01 BTC also rose slightly by 0.42%, equivalent to about 213 BTC. These figures indicate that the market has not only seen accumulation activity from big players, but also some participation from retail investors, although confidence has not truly sparked yet.

What’s noteworthy is that the trend of withdrawing BTC from exchanges has stretched throughout March, a signal that is often understood as investors moving Bitcoin into storage wallets rather than preparing to sell it right away. As money leaving exchanges increases, the pressure of circulating supply in the market could decline, which in turn may create conditions for price recovery if buying demand continues to hold.

Meanwhile, market sentiment remains fairly cautious: the Crypto Fear & Greed Index continues to sit deep in the “extreme fear” zone. In previous cycles, periods when whales quietly bought while retail investors sold out of fear have often been a favorable backdrop for a new upward move—though that does not necessarily mean the price will jump immediately.

That said, some large wallets are taking a different approach: several whales have moved tens of millions of USD onto exchanges during sharp price swings, indicating that the market is still not fully in agreement. This leaves Bitcoin in a “caution against a breakout” state: quiet buying from large wallets could support an upward trend, but the crowd’s fear could keep short-term volatility elevated.