Over the past week, Bitcoin prices fell to around $65,000, resulting in a net loss of 6.74%. This recent decline underlines the assets’ troubles in March, which, despite periods of price breakout attempts, have witnessed an equal or greater pullback, currently posting a net monthly loss of 4.4%. Amid this price instability, the Analytics page Easy On Chain has shared an interesting trend about smart money accumulation in the Bitcoin market.
Bullish market divergence dominates Bitcoin activity
In the QuickTake post on March 27, Easy On Chain analysts show that Bitcoin’s price declines in the third month of 2026 have been accompanied by a contrasting response from the smart money investors, such as institutional players or ultra-wealthy whales. Notably, the month started with a TradFi-led surge as big money aggressively bought exposure to Bitcoin, pushing the fund market premium to 2.72 on March 11. However, this robust 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 selling indicator, which reached a high of 0.835, while the Stablecoin Supply Ratio (SSR), which compares Bitcoin’s market capitalization to the supply of stablecoins, also reached 10.95, indicating depleted purchasing power. Since then, Bitcoin has registered a steady correction to $65,000, with the net unrealized gain/loss (NUPL) for short-term holders (STH) turning negative, causing these investors to panic.
However, on March 22, signs of market reaccumulation by long-term holders began. Although the Coins Days Destroyed (CDD) recorded a high value of 27.1 million, showing movement of 2-7 year old coins, there was no significant change in the CDD level of exchange inflows at 48,909. Meanwhile, $2.27 billion worth of ERC-20 USDT was withdrawn from the exchanges, indicating that whales and institutions acquired Bitcoin on the OTC market, bypassing the exchanges’ public order books.
Related reading: What every XRP holder needs to understand as activity declines
Miners participate in accumulation shift
According to Easy On Chain, recent Bitcoin miner activity also supports underlying accumulation trends. It is striking that sales activity has decreased; their total holdings are now valued at 1,805,235 as of March 27. With a profit margin of 71.4% on current market prices, these participants are also discouraged from forced sales.
At the time of writing, Bitcoin is trading at $66,003, reflecting a loss of 4.23% in the past day. Analysts at Easy On Chain say that the critical “lifeline” is now $63,200, i.e. the realized price for holders with a term of 1.5 to 2 years. For a bullish reversal to occur, there is a need for a revival in US spot demand, characterized by Coinbase and Fund Premiums turning positive.