Bitcoin revisited its 2024 whale entry point as major holders continued to buy as prices continued to decline.
Bitcoin (BTC) has fallen back to the price levels last seen in October 2024, the exact time when the whales started their latest phase of accumulation.
On-chain data now shows that these major holders are continuing to buy, not exit, suggesting that the current downturn may be viewed as an opportunity to re-enter rather than a reason to flee.
Whales Accumulate as Fears of Selling Grow
According to anonymous market watcher CW8900, there has been an ongoing consolidation between the major holders of BTC and Ethereum (ETH). They wrote that the current price of Bitcoin is similar to the point where the whales started buying in October 2024, and they say that the accumulation has increased rather than decreased.
“Despite the drop in $BTC, the accumulation continues. In fact, it is increasing,” CW8900 said.
In a separate post, the analyst noted that Ethereum whales are now holding positions at a loss compared to the decline of the previous cycle, which they describe as a pattern seen near the bottom.
An expert wrote about major ETH holders,
“Their goal is the upcoming meeting. They are still accumulating large amounts to prepare for the bull market.”
Market data supports the context behind those claims, with numbers from CoinGecko showing BTC changing hands near $69,000 after hovering between $68,000 and $71,000 the previous day. The stock is down about 2% this week, 10% in two weeks, and about 28% for the month.
On the other hand, ETH is showing deep losses. At the time of writing, the token was trading just under $2,000 after falling by nearly 40% in a month and 13% in two weeks.
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Despite the current conditions, Fundstrat’s Tom Lee believes that ETH will be fully operational again. He cited eight separate declines of more than 50% that the world’s second-largest cryptocurrency has experienced since 2018, including a 64% decline early last year. In all cases, the material formed a V-shaped bottom and recovered completely.
However, not all major positions have survived. Trend Research, once the largest ETH investor in Asia, closed its last position last week after accumulating $2.1 billion in longs. According to Arkham, the exit resulted in an apparent loss of $869 million and came even after founder Jack Yi predicted that ETH would reach $10,000 a few days earlier.
Distinctive Signs
Not all indicators are bullish, as revealed by analyst Wise Crypto, who said Bitcoin’s recent 9% rebound between February 12 and February 15 may be a trap. The market expert pointed to the hidden bearish divergence on the 12-hour charts and the 90% surge in NUPL, which indicates a high selling risk, with the main support levels sitting at $65,000 to $66,000, and $60,000 as a major psychological floor.
To add context to that warning, a recent survey by chartist Ali Martinez found that only 22.7% of respondents believed $60,000 was a cycle low, with the largest share expecting prices to drop to $38,000.
Interestingly, market intelligence provider Santiment noted that BTC is generally moving ahead of the crowd’s expectations, suggesting a possible rally if fear continues to dominate sentiment.
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