Recent Bitcoin Correction Could Persist Due To Whale Activity — Santiment

bitcoinistPublished on 2026-03-08Last updated on 2026-03-08

Abstract

A recent Santiment report indicates that Bitcoin's price correction may persist due to significant whale activity. After Bitcoin reached a one-month high near $74,000, large holders (whales holding 10 to 10,000 BTC) sold approximately 66% of the coins they had accumulated between February 23 and March 3. Meanwhile, retail investors increased their holdings as the price dropped below $70,000. Historically, such behavior—where whales sell while retail buys—often signals that a correction is not yet over. The correlation between whale movements and Bitcoin's price action is currently very high, making it a key short-term indicator. Broader geopolitical tensions, such as conflicts involving the U.S., Israel, and Iran, may also contribute to market volatility. As of the latest data, Bitcoin is trading around $68,057, down nearly 4% in 24 hours but up 7% over the past week.

The price of Bitcoin seemed to have broken into a fresh rally after making a run towards $75,000 during the week. However, the premier cryptocurrency has been on a steady decline since hitting a new one-month high around $74,000. According to a prominent blockchain firm, this decline may not be over yet for the price of BTC.

Whales Offload 66% Of BTC Purchase After $74K High

In a Friday report, Santiment revealed that the price of Bitcoin could even fall lower from its current level due to rising whale activity. According to the crypto analytics firm, BTC whales — holding between 10 and 10,000 coins — acquired significant amounts of the flagship cryptocurrency between February 23 and March 3.

This heavy accumulation by this investor cohort occurred as the Bitcoin price oscillated between $62,900 and $69,600. However, after the market leader climbed above $70,000 and toward $74,000, these whales started offloading their purchases, selling off about 66% of their freshly-acquired coins.

At the same time, retail investors — entities holding below 0.01 Bitcoin — have been increasing their exposure to the world’s largest cryptocurrency since falling back below $70,000. Santiment noted that “when retail buys while whales sell, it typically signals that the correction is not yet over.”

Source: Santiment

According to the blockchain firm, the correlation between the 10-10k investor cohort and the Bitcoin price action is currently extremely high. “The reaction time between their moves and price action is almost instantaneous right now, making this the highest-value signal for short-term direction,” Santiment revealed.

In its report, Santiment also acknowledged the ongoing geopolitical conflict between the United States, Israel, and Iran. Typically, conflict and tensions lead to volatility — as seen at the start of the Russia-Ukraine conflict, with the broader financial market often reacting with fear.

Santiment concluded:

Crypto moves based on the confidence of large capital holders, not just retail panic, so it will be interesting to watch the markets over the coming weeks. The markets are also affected by the expected duration and resolvability of the conflict.

With the current global uncertainty and recent whale activity, it is difficult to be optimistic about how the Bitcoin price will move over the coming days.

Bitcoin Price At A Glance

As of this writing, the price of BTC stands at around $68,057, reflecting an almost 4% in the past 24 hours. According to data from CoinGecko, the value of the premier cryptocurrency has increased by nearly 7% in the past seven days.

The price of BTC on the daily timeframe | Source: BTCUSDT chart on TradingView

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Related Questions

QAccording to Santiment, why might the recent Bitcoin correction persist?

AThe correction might persist due to whale activity, specifically because whales (holders of 10-10,000 BTC) have sold off about 66% of their recently acquired coins, and retail investors are buying while whales are selling, which typically signals that the correction is not yet over.

QWhat specific whale activity is contributing to the potential decline in Bitcoin's price?

AWhales who had accumulated significant amounts of Bitcoin between February 23 and March 3, when the price was between $62,900 and $69,600, began offloading their purchases after the price climbed above $70,000 towards $74,000, selling approximately 66% of their freshly-acquired coins.

QHow does Santiment describe the correlation between the 10-10k BTC investor cohort and Bitcoin's price action?

ASantiment states that the correlation is currently extremely high, and the reaction time between their moves and price action is almost instantaneous, making it the highest-value signal for short-term direction.

QBesides whale activity, what other factor does Santiment acknowledge could be affecting the crypto markets?

ASantiment also acknowledges the ongoing geopolitical conflict between the United States, Israel, and Iran, noting that conflict and tensions typically lead to volatility and that the markets are affected by the expected duration and resolvability of such conflicts.

QWhat was the price of Bitcoin at the time of writing, and what was its 24-hour performance?

AAt the time of writing, the price of Bitcoin was around $68,057, reflecting a decline of almost 4% in the past 24 hours.

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