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Bitcoin whales have been on a buying spree, seizing every price dip amid recent market turbulence. On-chain data reveals that February saw the emergence of 135 new whale wallets holding over 100 BTC. This surge in accumulation is likely a key factor behind Bitcoin’s rapid rebound to $100,000 after briefly crashing to $90,000 earlier this week.
Whales Buy, Retail Sells Amid Bitcoin Price Swings
The latest market correction, fueled by fears surrounding the Trump trade war, presented a golden opportunity for large holders to bolster their BTC reserves. Blockchain analytics firm Santiment reports that while whales accumulated, small retail investors—especially those who entered the market in the past six months—panicked and sold off their holdings. Wallets containing less than 100 BTC declined by 138,680 in February alone, signaling a transfer of Bitcoin from weak hands to strong hands.
Historical trends suggest that such a divergence—whale accumulation versus retail liquidation—often precedes substantial price rallies. While some traders fear this may signal the end of Bitcoin’s bull run, the steady increase in whale holdings suggests otherwise.
$97,500 Holds as Strong Support Level
Glassnode’s Cost Basis Distribution (CBD) data highlights a crucial support zone at $97,500, where approximately 200,000 BTC were acquired. This accumulation level has prevented Bitcoin from sliding further during recent market dips.
As of writing, Bitcoin is trading at $97,601, with its daily trading volume plunging 35% to under $47 billion. Meanwhile, 24-hour liquidations have surged to $36 million, including $23 million in long liquidations. Glassnode analysts noted that maintaining price stability above $97,500 is critical, as dipping below could intensify unrealized losses and trigger heightened selling pressure.
Bitcoin’s Next Bullish Breakout?
Popular analyst Rekt Capital points out that Bitcoin is currently consolidating between $98,000 and $101,000 while testing its diagonal trendline support. Signs of a potential higher low formation suggest that Bitcoin could soon attempt to break past the $101,000 resistance.
Adding to bullish momentum, Spot Bitcoin ETF inflows have resumed despite ongoing volatility. BlackRock and other major financial players are now eyeing expansion into European Bitcoin ETFs, reinforcing institutional confidence in BTC’s long-term trajectory.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
Also Read: Bitcoin (BTC) Price on Edge, Analysts Predict Major Price Breakout Following U.S. Crypto Shift
Crypto and blockchain enthusiast.
