Major investors shrug off steep decline, boost big-ticket holdings by nearly a twelfth.

A notable surge has been observed in the number of Bitcoin wallets possessing a minimum of 100 BTC, currently valued at approximately $7.7 million. As of the latest data, this figure has climbed to 20,229, marking an 11.2% uptick from the 18,191 wallets recorded a year ago. On-chain analysis reveals that such substantial holdings are generally characteristic of high-net-worth individuals, institutions, and long-term investors with significant capital, collectively known as whales. Despite Bitcoin's value plummeting by 27.2% over the past year, from $105,574 to $77,000, these prominent players continue to exhibit unwavering confidence in the cryptocurrency's long-term potential.

In recent times, Bitcoin has faced significant market volatility, with its price plummeting from over $82,000 to $77,000 within a single week. The escalating tensions between the United States and Iran have fueled a wave of risk aversion across the global market, culminating in the largest single-day liquidation of bullish positions since February 6, with over $700 million being wiped out. The past week also witnessed a reversal in the trend of ETF flows, with digital asset investment products experiencing outflows of $1.07 billion, $982 million of which was attributed to Bitcoin, according to a report by CoinShares.

Over the past year, Bitcoin has undergone substantial price fluctuations, including a drastic decline from its all-time high of approximately $126,000 to $63,000 on February 28, coinciding with the onset of hostilities in the Middle East. Despite these challenges, data from Santiment Intelligence suggests that whales are demonstrating remarkable resilience, with their wallet counts steadily rising amidst an atmosphere of fear and skepticism among retail investors. Historically, an increase in whale wallet counts has been perceived as an indicator of the stakeholders' enduring faith in Bitcoin's future value and scarcity.

Furthermore, a bullish reversal often occurs when retail investors succumb to fear, while whales continue to accumulate Bitcoin. However, the ongoing US-Iran conflict remains a significant factor influencing market sentiment among both institutional and retail investors, resulting in price fluctuations in response to developments in the conflict. As the situation unfolds, it remains to be seen whether whales will intervene to counterbalance selling pressure and consolidate their positions, potentially triggering a bullish trend, as has been observed in the past.