Large Bitcoin wallets are increasing their holdings again as the asset’s price holds around $71,000, according to crypto sentiment platform Santiment.

“Their recent shift to accumulation is a bullish signal,” Santiment said in a report on Saturday, referring to wallets holding between 10 and 10,000 Bitcoin.

“This is a positive reversal,” Santiment added. Santiment data shows wallets holding 10 to 10,000 Bitcoin now control 68.17% of Bitcoin’s total supply, up from 68.07% seven days earlier.

Santiment Monitoring Retail Investor Activity

Santiment indicated that a possible local bottom could be forming in Bitcoin if whales maintain their accumulation while retail investors begin to decrease their active holdings.

“Ideally, we want to see small wallets (retail) drop while this group rises, signaling a transfer of coins from weak hands to strong hands,” Santiment explained.

Increased retail buying typically indicates over-optimism, especially since Bitcoin’s price has historically bottomed when casual investors start to lose faith and sell.

As of now, Bitcoin is trading at approximately $71,350, showing an uptick of 6.30% over the last week.

Bitcoin Price Performance Bitcoin is up 7.55% over the past 30 days. Source: CoinMarketCap