Bitcoin Whales Back‑fill Positions as BTC Returns to October‑2024 Accumulation Zone
By Crypto News Desk – 16 February 2026
Bitcoin (BTC) has slipped back into the price corridor that last saw a surge of whale‑level buying in October 2024. On‑chain metrics indicate that large holders are not exiting the market but are instead stepping up their purchases, treating the current dip as a re‑entry point rather than a signal to abandon exposure.
On‑chain Activity Signals Renewed Accumulation
Data from blockchain analytics platforms show that entities holding at least 0.1 BTC – the commonly used “whale” threshold – have been net buying over the past week. The aggregate net inflow has risen compared to the period that followed the October 2024 price rally, suggesting a continuation of the earlier accumulation trend.
Pseudonymous analyst CW8900, who tracks large‑holder behavior, notes that the present BTC price aligns with the exact range where whales first began accumulating last autumn. “Even as the market slides, the buying pressure from big wallets is intensifying,” the analyst wrote in a recent on‑chain commentary.
A parallel observation has been made for Ethereum (ETH). Large ETH addresses now sit at loss levels comparable to previous cycle bottoms, a pattern that historically precedes a rally. One commentator highlighted that these holders appear to be positioning for the next upward leg of the market cycle.
Price Context
- BTC: Trading just under $69,000, having oscillated between $68,000 and $71,000 in the last 24 hours. The cryptocurrency is down roughly 2 % this week, 10 % over the past two weeks, and about 28 % over the last month.
- ETH: Near $2,000, down about 13 % in two weeks and 40 % in the past month.
These price movements place both assets near historically significant “whale entry zones,” where institutional and high‑net‑worth participants have previously increased exposure ahead of price recoveries.
Contrasting Market Sentiment
Bullish Signals
- Fundstrat’s Tom Lee continues to argue that ETH’s historical resilience to deep drawdowns – eight instances since 2018 where the token fell more than 50 % yet later formed V‑shaped rebounds – points toward a potential full‑scale recovery.
- Santiment research suggests that Bitcoin often moves counter‑ to prevailing crowd sentiment, implying that heightened fear could set the stage for a short‑term rally if sentiment remains bearish.
Bearish Cautions
- Wise Crypto, a market technician, warned that a 9 % short‑term bounce from February 12‑15 may be a false rally. The analyst highlighted a bearish divergence on the 12‑hour chart and a surge in the Net Unrealized Profit/Loss (NUPL) metric, indicating elevated sell pressure. Key technical support is projected at $65‑$66 k, with $60 k seen as a psychological floor.
- A recent poll conducted by chartist Ali Martinez revealed that only 22.7 % of respondents believe the market has bottomed at $60 k, while the majority anticipate further declines toward $38 k.
Notable Exit
Asia‑based “Trend Research,” once the continent’s largest leveraged ETH long, liquidated its final position last week after amassing $2.1 bn in leveraged exposure. The closure resulted in an $869 m realized loss, underscoring the risks associated with large‑scale leveraged bets even amid whale accumulation trends.
Key Takeaways
| Insight | Implication |
|---|---|
| Whale net buying continues | Institutional confidence may be growing despite the price dip, suggesting a potential floor forming. |
| BTC price re‑enters Oct‑2024 whale zone | Historical patterns indicate that similar zones have preceded upward moves in previous cycles. |
| ETH whales also accumulating | Large ETH holders are positioning for a rally, but the token is under heavier pressure than BTC. |
| Technical divergence & high NUPL | Short‑term upside could be limited; a break below $60 k would trigger deeper corrections. |
| Market sentiment remains split | While some analysts predict a rebound, a sizable portion of the market expects further downside. |
| Large leveraged exits remain a risk | The Trend Research unwinding shows that even big players can incur severe losses if timing misfires. |
Outlook
The convergence of on‑chain accumulation, historical price zones, and divergent technical signals creates a nuanced picture for Bitcoin and Ethereum. While the steady inflow of whale‑scale capital suggests that large investors view the current price level as an attractive entry point, technical analysts caution against assuming a swift reversal without confirming momentum.
Market participants should monitor the following indicators for clarity:
- Whale net flow trends – continued net buying would reinforce the bullish hypothesis.
- NUPL and other sentiment metrics – a persistent rise could foreshadow renewed selling pressure.
- Support breakout tests – a decisive move below $60 k for BTC would likely trigger broader market sell‑offs.
- ETH leverage positions – additional liquidations could exacerbate price declines or, conversely, clear the way for healthier demand.
In the coming weeks, the interplay between these on‑chain fundamentals and technical signals will shape whether the market consolidates near the current levels or embarks on a more pronounced correction. Investors are advised to weigh both the strong whale accumulation data and the prevailing bearish technical factors before adjusting exposure.
Source: https://cryptopotato.com/bitcoin-whales-accumulate-as-btc-price-revisits-2024-entry-zone/
