Amid Bitcoin Price Swings, Recovery Signs Emerge

On Wednesday, March 5, Santiment Feed reported that the Bitcoin network has gained 50,000 wallets in the past month, indicating increased interest and network activity.

This usually presents a bullish outlook; however, Santiment warns that it may still be premature to celebrate. The new wallets primarily belong to smaller investors rather than market-moving whales.

Wallet Growth Breakdown

• 37,390 wallets hold less than 0.1 BTC (approximately $9,000).
• 12,754 wallets hold between 0.1 BTC and 100 BTC (roughly $9,000 to $9 million).

Conversely, large investors holding over 100 BTC have decreased by six, reflecting ongoing profit-taking activities.

Geopolitical Uncertainties Impacting Market

The trend of whale profit-taking coincides with heightened geopolitical risks. Recently, President Donald Trump raised concerns regarding trade wars and inflation by imposing tariffs on key U.S. partners. His difficult relationship with Ukraine’s Zelenskyy and proposed strategies for resolving the Russia-Ukraine conflict also raise anxiety.

Geoffrey Kendrick, from Standard Chartered, stated, “Until we get some certainty on tariffs/Ukraine/tax cuts/Doge cuts it is difficult to call a bottom for risk.” He has warned that Bitcoin could fall to the range of $69,000-$76,500.

At present, Bitcoin trades around $92,000, a 5% increase for the day, as it navigates between supportive White House messaging and broader geopolitical worries.