By the end of March, Bitcoin’s market value held firmly between $81,000 and $84,000.
Although there were fluctuations in the cryptocurrency’s price, a clear trend was developing with whale wallets—holders of 1,000 to 10,000 BTC. Rather than cashing out, these big fish in the Bitcoin pond were buying more Bitcoin. If anything, this was a clear vote of confidence for the digital currency from the kinds of investors who have the means to influence the market.
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Whale Wallets Continue to Grow: A Sign of Confidence or Mere Market Noise?
Over the last five weeks, wallets containing between 1,000 and 10,000 BTC on Bitcoin have risen. The current count of such wallets now stands at 1,993. This 2.6% increase (up from 1,941 wallets) also represents the highest number of wallet addresses in this range since December 2022.
🐳 Bitcoin's market value has fluctuated between $81K to $84K Monday. And while prices continue ranging as March draws to a close, whale wallets (specifically 1K-10K $BTC holders) continue growing in number.
There are now 1,993 #Bitcoin wallets of this size, which is the highest… pic.twitter.com/iVYj9XdxAj
— Santiment (@santimentfeed) March 31, 2025
And while we also observed a similar uptrend among Bitcoin investors with 10,000 BTC or more, this is potentially a troubling sign for the crypto space if these whale addresses continue to add Bitcoin.
These whale wallets are often seen as a harbinger of what the market will do next, and for a good reason. If large, sophisticated investors are putting their money into Bitcoin at this level, it can only be interpreted as a potentially very positive indication, especially since the behavior of these wallets has also historically been associated with upward price movement. But hold on. That is all true. But it might not be true today.
Despite a rising number of Bitcoin wallets with large amounts, the price action itself is anything but certain. The market has been very uncertain, with people on edge because of the fluctuations and because Bitcoin seems unwilling to break through the $85,000 barrier. Quite a few retail traders have become overly optimistic and are now predicting that Bitcoin is about to hit $100,000 or more. The mentality is very much one of FOMO (fear of missing out), which is, of course, very common in crypto markets. But too much FOMO often leads to price reversals.
🥲 Bitcoin prices looked encouraging for retail traders on Monday before they got a bit overly excited and began FOMO'ing in & calling for $100K+ $BTC price levels once again. As has been the norm throughout 2025, when the crowd begins leaning too far in one direction, prices… pic.twitter.com/pNO6ovgWYs
— Santiment (@santimentfeed) April 1, 2025
Market Sentiment: A Battle Between Bulls and Bears
Monday saw Bitcoin’s price looking somewhat friendly, and retail traders started to make a beeline for the market, keen to take advantage of the latest upward twist. The almost $100,000 price level for Bitcoin seemed somewhat reachable again, as retail folks made the same kinds of speculative trades they had recently made on the way up. But when the crowd gets really excited and flooded into the trade in one direction, history has shown that, more often than not, Bitcoin then makes a sharp turn and goes the other way.
Bitcoin’s recent price surge appears to be running out of steam and may soon unwind. Since late September, the price of bitcoin has surged from just under $52,000 to a new all-time high of $87,000. More recently, however, the price has settled around the $83,000 mark and has produced a series of lower highs and lower lows indicative of a recent top. A price drop in bitcoin would not only affect the bitcoin market but also have repercussions throughout the cryptocurrency sector.
Bitcoin has seen a fair amount of attention lately, and it’s not just from people who want to get their hands on retail copies of the cryptocurrency. It’s also being moved in substantial amounts, seemingly at the behest of deeper-pocketed holders, to places where it can be sold. How much? Over the last 96 hours, around 21,000 BTC have been transferred to centralized exchanges. Those much-discussed deposits have been a precursor to sellers in the past, and with Bitcoin presently priced just below $27,000, ‘the market could be bracing for moves’—up or down.
Over 21,000 #Bitcoin $BTC have been moved to exchanges in the last 96 hours! pic.twitter.com/Opg2Wt2JrH
— Ali (@ali_charts) April 1, 2025
Spot ETFs and Institutional Activity: BlackRock Defies Trend
Although retail traders continue to place their bets, institutional investors appear to be sending a mixed message about their sentiment toward Bitcoin. On March 31, Bitcoin spot ETFs experienced net outflows amounting to $71.075 million, which clearly indicates that some institutional investors are pulling back from the market.
Only one of the Bitcoin spot ETFs, BlackRock’s, experienced net inflows over that same time period. BlackRock’s net inflows can be interpreted a few different ways, and I’m not going to lie and say that I have the perfect interpretation. I think it means Bitcoin’s long-term prospects are still promising to at least some institutional investors.
On March 31, Bitcoin spot ETFs saw a total net outflow of $71.075 million, with BlackRock’s IBIT being the only ETF to record a net inflow. In contrast, Ethereum spot ETFs had a total net inflow of $6.4178 million, with none of the nine ETFs recording a net outflow.…
— Wu Blockchain (@WuBlockchain) April 1, 2025
Conclusion: What Lies Ahead for Bitcoin’s Price?
Despite the ongoing price fluctuations and the rise in market sentiment, the number of Bitcoin wallets held by large investors, or “whales,” is continuing to grow. Even if these large investors are nowadays diversifying their investments into different digital assets, it’s clear that they’re still accumulating quite a bit of Bitcoin. And given that we’re now seeing significant amounts of Bitcoin moving over to exchanges—and at the same time that BTFDs are coming for spot ETFs and seeing net outflows—the asset’s overall market uncertainty isn’t exactly being alleviated.
Bitcoin is currently sitting in a dangerous position in the market. The problem with Bitcoin right now is the precarious support and resistance levels that it’s sitting in. Right now, I think it might drop to around 22k, and I kind of hope it does. If it does manage to make a recovery, I could see it back up past 27k in a week or so. Either way, I wouldn’t buy into it without a clear signal. Right now, it’s just a plaything for the whales.
Investors always are advised to monitor market trends and make informed decisions that represent a union of technical analysis, market sentiment, and a consideration of broader macroeconomic factors. The future of Bitcoin is uncertain. But it is perhaps more hopeful than ever in the wake of the appearance, in the last bull market, of a vessel for ever more Bitcoin that inflates the price and keeps the market going.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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