Bitcoin Whales Are Accumulating Near $71K as Spot Demand Returns
Bitcoin is back near the $71,000 area, and two signals are driving the latest market-bottom narrative: large-holder accumulation and strong spot demand. The key point, however, is that the evidence supports renewed buying interest around the broader $70,000 to $71,000 zone, not a proven long-term bottom. That distinction matters in a market where bullish narratives often move faster than the data behind them.
On-chain analytics firm Santiment reported on March 25, 2024 that wallets holding 10 to 10,000 BTC accumulated 51,959 BTC in a single day as Bitcoin rebounded toward $70,000. That is a meaningful signal because this wallet cohort is large enough to influence market structure and sentiment, especially when accumulation appears during a recovery rather than during a euphoric breakout.
Whale Accumulation Around $71K Is Back in Focus
The strongest verified on-chain data in the research set comes from Santiment’s observation that Bitcoin’s push back toward $70,000 coincided with one of the biggest whale accumulation days in years. That does not directly prove whales were accumulating again at an exact $71,000 print, but it does support the broader claim that large holders were buying in the same price neighborhood now back in focus.
For traders, this matters because whales often shape short-term expectations. When wallets in the 10 to 10,000 BTC range add aggressively, the market tends to read it as a sign that sophisticated holders see value in the current zone. That interpretation can improve confidence, attract momentum buyers, and reinforce the idea that support is forming. Still, support forming is not the same thing as support being permanently established.
The current setup looks more credible because the price zone itself remains relevant. A CoinGecko market snapshot captured Bitcoin at $70,511.63, with roughly $54.43 billion in 24-hour volume and a market capitalization near $1.41 trillion. Those figures help frame the area as an active battleground rather than a random headline level.
Why Traders Are Reading This as a Possible Bottom
Bottom calls usually emerge when price stabilizes near an important support zone, sentiment is washed out, and buyers with scale start stepping in. This story checks some of those boxes, but not all of them in a definitive way. The article angle works best when it is framed as a possible bottom signal, not as bottom confirmation.
That caution is especially important because the research itself marks the strongest version of the claim as only partially verified. Whale accumulation near the broader $70,000 area is supported. A durable reversal is not. Even when on-chain buying is real, markets can still revisit lows if macro pressure, leverage, or profit-taking overwhelms spot demand.
Sentiment data reinforces the mixed picture. At the time of the research capture, Alternative.me’s Crypto Fear and Greed Index showed a reading of 15, labeled Extreme Fear. Contrarian traders often watch these conditions closely because deeply fearful environments can create fertile ground for a rebound. But fear alone does not mark the bottom; it only shows the market is emotionally stretched.
That is the key distinction: a bottom signal suggests conditions are improving, while bottom confirmation would require sustained follow-through. In practice, that means traders should watch whether buyers continue defending this area over multiple sessions rather than assuming one strong reaction has settled the trend.
Spot Bitcoin Demand Strengthens the Bullish Case
The second leg of the story is spot demand. According to Farside Investors, U.S. spot Bitcoin ETFs recorded $886.6 million in net inflows on June 4, 2024. That figure gave the market a concrete sign that institutional-style demand was returning through regulated products, which has been one of the most important Bitcoin price drivers since the SEC approved the first spot Bitcoin ETFs in January 2024.
Price action responded quickly. CoinDesk reported that Bitcoin rose above $71,000 as the ETF flow data became public, while the CoinDesk 20 index gained 2.65%. Blockworks added that BTC traded above $71,300 and around $71,600 near midday ET on June 5. In other words, the market did not just receive a bullish narrative; it received a price reaction backed by measurable spot inflows.
That combination is what gives the current setup more weight. Whale accumulation implies conviction from large holders. ETF inflows imply fresh spot demand entering through a regulated channel. Together, they make the bullish case stronger than a move driven only by derivatives positioning or short covering.
Even so, the next step matters more than the headline. If spot Bitcoin ETF inflows remain firm and the market continues to hold the $70,000 to $71,000 area, bottom calls will look more credible. If inflows cool and momentum fades, the recent bounce may end up looking more like a relief rally than a confirmed trend reversal.
For now, the disciplined read is straightforward: the evidence supports renewed whale interest near the broader $70,000 region and a meaningful burst of spot demand as Bitcoin moved back above $71,000. What it does not prove is that the market has already locked in a lasting bottom.
Sources: Santiment, Farside Investors, CoinDesk, Blockworks, CoinGecko, Alternative.me.
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency and digital asset markets carry significant risk. Always do your own research before making decisions.
