In the last week, Bitcoin prices fell to around $65,000, resulting in a net loss of 6.74%. This recent drop underscores the asset’s struggles in March, which, despite periods of price breakout attempts, has seen an equal or greater pullback, producing a current net monthly loss of 4.4%. In the midst of this price instability, the analysis page Easy On Chain has shared an interesting trend about smart money accumulation in the Bitcoin market.
Bullish Market Divergence Dominates Bitcoin Activity
In it Quick post On March 27, Easy On Chain analysts show that Bitcoin price declines in the third month of 2026 have been accompanied by a contrasting reaction from smart money investors, such as institutional players or ultra-high net worth whales. Notably, the month began with a TradFi-led surge as big money aggressively bought Bitcoin exposure, causing the fund’s market premium to hit 2.72 as of March 11. However, this strong demand was followed by a strategic exit from the market, as Bitcoin reached a local monthly peak of $76,007 on March 17.
This temporary drop in demand was reflected in the Exchange Whale Ratio, a key sales indicator, which reached a high value of 0.835, while the Stablecoin Supply Ratio (SSR), which compares the market capitalization of Bitcoin to the supply of stablecoins, also reached 10.95, indicating depleted purchasing power. Since then, Bitcoin has seen a steady correction to $65,000, during which the net unrealized gains/losses (NUPL) for short-term holders (STH) turned negative, forcing these investors to panic.
However, signs of market reaccumulation by long-term holders began on March 22. While Coins Days Destroyed (CDD) recorded a high value of 27.1 million, which showed the movement of coins from 2 to 7 years, there was no significant change in the CDD level of currency inflows at 48,909. Meanwhile, $2.27 billion worth of ERC-20 USDT moved off exchanges, indicating that whales and institutions purchased Bitcoin on the OTC market, bypassing exchanges’ public order books.
Related reading: What every XRP holder needs to understand as activity declines
Miners participate in accumulation change
According to Easy On Chain, recent activity by Bitcoin miners also supports underlying accumulation trends. Notably, selling activity has decreased, and its total holdings were now valued at 1,805,235 on March 27. With a 71.4% profit margin on current market prices, these participants are also discouraged from any forced selling.
At press time, Bitcoin is trading at $66,003, reflecting a 4.23% loss over the past day. Easy On Chain analysts say the critical “lifeline” now sits at $63,200, i.e. the realized price for 1.5- to 2-year holders. For a bullish reversal to occur, a revival in US spot demand marked by the positive turn of Coinbase and Fund Premiums is necessary.
