Bitcoin Price Update: Two Early Bitcoin Holders Sold $117M BTC, While Whales continue to Buy
March 21, 2026
out a combined $117 million in BTC is just a drop in the bucket compared to Bitcoin’s daily trading volume of $21 billion. Despite this selling pressure, Bitcoin managed to hold above $70,000, largely due to ongoing buying activity from whales and institutional investors.
One such whale wallet has been consistently buying Bitcoin daily since March 10, accumulating 2,656 BTC with an average price of $72,063. Additionally, wallets holding over 1,000 BTC added a net 8,400 coins within 48 hours post the Fed decision. Over the past 30 days, large holders have accumulated a total of 270,000 BTC, marking the largest single-month buying wave in more than a decade.
The influx of buyers is leading to a decrease in Bitcoin reserves on centralized exchanges, dropping from 3.2 million BTC in 2024 to approximately 2.7 million BTC currently. Moreover, nearly a million coins have been moved into cold storage, ETFs, and corporate treasuries in less than three years.
Spot Bitcoin ETFs have also seen significant inflows, with BlackRock’s IBIT accounting for over half of the combined $1.17 billion inflow during a seven-day streak from March 9 to 17. Strategy purchased 22,337 BTC for $1.57 billion, marking its largest single-week purchase of 2026 and bringing its total holdings to 761,068 BTC. While there was a $129 million outflow on Fed day, the overall trend remained positive, indicating sustainable buying pressure behind the current Bitcoin price.
The Fear & Greed Index, which currently stands at 11, reflects extreme fear in the market, similar to levels seen during the COVID crash and other major events. Historically, whenever the index drops below 15, Bitcoin tends to see positive 30-day returns about 80% of the time. Additionally, Bitcoin’s weekly RSI is at 27.48, signaling oversold conditions. Previous instances of such low RSI readings preceded multi-year bull markets with significant gains.
Despite the mixed sentiment and occasional sell-offs by OG Bitcoin holders, the overall trend in buying activity from whales and institutional investors suggests a positive outlook for the Bitcoin price. While short-term fluctuations may occur, historical data and current market dynamics indicate strong potential for long-term growth and stability in the Bitcoin market.
