Large bitcoin holders increased accumulation during a recent price correction, lifting their total holdings to 7.17 million BTC.

On June 18 (local time), blockchain outlet The Crypto Basic reported that holdings in wallets with at least 1,000 BTC rose to the highest level since March 14.

On-chain data analytics firm Santiment said these wallets view the recent downturn as a low-price buying opportunity. While retail investors were shaken by anxiety, large wallets increased holdings back to a three-month high. Total holdings in these wallets were tallied at 7.17 million BTC, the first time at that scale since about three months ago when bitcoin was priced at about $70,000.

The whales appeared to have taken profits during an upswing. When bitcoin regained $82,000 in May, wallets holding at least 1,000 BTC sold some during the rally. Markets are seeing analysis that large whales are showing a typical pattern of selling at highs and buying again at lows.

Buying resumed as prices slid again. These wallets' holdings have now returned to the March 14 level. The 7.17 million BTC they hold is worth $461 million at current prices, still below the February peak.

Out of 20.04 million bitcoin in circulation, the share held by these large wallets is 35.82 percent. In early February, when bitcoin plunged to $60,000, these wallets bought aggressively, raising holdings to about 7.26 million BTC and accounting for more than 36.30 percent of total circulating supply.

There are currently 2,044 wallets holding at least 1,000 BTC. Average holdings per wallet were tallied at 3,507.8 BTC. The accumulation is read as a sign that expectations for a recovery remain alive even during a period of price weakness.

It is also affecting market sentiment. Large-wallet buying is reviving expectations that the current phase could be temporary. As the perception persists that large whales often buy near the bottom, it appears to be supporting a recovery in investor sentiment. If more bitcoin supply shifts to large wallets, short-term selling pressure could also ease. Because large wallets tend to hold longer than retail investors, they are cited as a factor that lowers the likelihood of a sharp increase in selling when market conditions worsen.

Views differ on a floor for bitcoin. Coinbase CEO Brian Armstrong (브라이언 암스트롱) said on the recent 'Moonshots' podcast that bitcoin bottomed at $60,000. Another analysis, citing the bitcoin CVDD model, pointed to around $48,000 as a more likely bottom zone. In this situation, the next point to watch is whether accumulation by large wallets leads to an actual price rebound.

The amount of Bitcoin held by whales with at least 1K $BTC has rebounded to 7.17M BTC. These key stakeholders haven’t held this much since March 14th, and they make up 35.82% of available supply. There are 2,044 such addresses with at least 1K BTC.https://t.co/YatA9ePJL2 pic.twitter.com/KPLrSuU2EG