PANews reported on March 27th, citing Cointelegraph, that Santiment data shows that whale and shark addresses holding 10 to 10,000 Bitcoins increased their holdings by 61,568 Bitcoins in the past month, a 0.45% increase. During the same period, addresses holding less than 0.01 Bitcoins increased their holdings by 213 Bitcoins, a 0.42% increase. The data shows that Bitcoin exchange outflows continued throughout March, indicating that holders are accumulating rather than selling.

Santiment analysts suggest that whale accumulation could be a "positive signal" of a price range breakout. Historically, large wallets accumulating while retail investors sell often foreshadows the start of a bull market cycle. The Middle East conflict has continued to escalate since the US-Israel strikes against Iran in February.