Bitcoin (BTC) Whale Accumulation Hits New Heights as Price Tests $97,500 Support

TLDR

• 135 new Bitcoin whale wallets (holding 100+ BTC) emerged in February 2024, showing strong accumulation despite price volatility
• Small retail investors sold off during recent corrections, with wallets holding less than 100 BTC dropping by 138,680
• Around 200,000 BTC were purchased above $97,500, establishing a key support level
• Bitcoin is currently consolidating between $98,000-$101,000, with analysts watching for a breakout above $101,000
• Spot Bitcoin ETF inflows have continued despite market volatility, with major firms like BlackRock exploring European expansion

February 2024 has marked a notable shift in Bitcoin ownership patterns, with new data revealing a surge in whale accumulation despite recent market volatility. On-chain analysis shows the emergence of 135 new Bitcoin whale wallets holding more than 100 BTC each, highlighting growing confidence among large investors.

The increase in whale wallets comes during a period of heightened market activity, with Bitcoin prices swinging between $90,000 and $100,000. This accumulation pattern suggests that wealthy investors view current price levels as attractive entry points for long-term holdings.

Contrasting with the whale accumulation trend, retail investors have shown less conviction during recent market movements. Data indicates that wallets holding less than 100 BTC decreased by 138,680 during February, pointing to a clear transfer of Bitcoin from smaller to larger holders.

Blockchain analytics platform Santiment has tracked this divergence between retail and whale behavior, noting that such patterns often precede periods of market growth. However, the platform emphasizes that potential gains typically materialize over weeks or months rather than immediate timeframes.

🐳 In a tale as old as time, Bitcoin whales are stacking up more coins during crypto’s mid-sized drop and major volatile conditions.

🐟 For small retail traders, especially the ones who first entered the markets in the past 6 months, the volatility is causing them to liquidate.… pic.twitter.com/IT1ONrF6Ia

— Santiment (@santimentfeed) February 6, 2025

Price support has emerged around the $97,500 level, with Glassnode data revealing approximately 200,000 BTC purchased above this threshold. This accumulation zone has proven resilient, helping prevent deeper price corrections during recent market turbulence.

Trading volume has shown notable fluctuation, with daily figures dropping 35% to below $47 billion. The market has also experienced increased liquidation activity, with 24-hour figures reaching $36 million, including $23 million in long positions.

Technical analysis from crypto analyst Rekt Capital indicates that Bitcoin is currently testing diagonal trendline support, with prices consolidating between $98,000 and $101,000. The formation of a potential higher low could set the stage for another test of the $101,000 resistance level.

The spot Bitcoin ETF market continues to show strength, maintaining steady inflows despite price volatility. This institutional adoption trend appears poised for expansion, with major asset management firms like BlackRock reportedly working to introduce Bitcoin ETFs in European markets.

On-chain metrics reveal that the cost basis for short-term holders sits around $92,000, providing another layer of technical support below current price levels. However, Glassnode analysts note that unrealized losses increase sharply below $97,500, which could amplify downside risk if market sentiment weakens.

The accumulation pattern among whale wallets suggests these large holders may be positioning for potential upside, though specific price targets remain speculative. The addition of 135 new whale wallets represents one of the more substantial increases in large holders observed this year.

Market liquidity metrics show varied patterns across exchanges, with some platforms reporting decreased order book depth while others maintain stable trading conditions. This disparity in liquidity distribution could contribute to localized price volatility.

February’s trading patterns have established several key technical levels, with $97,500 emerging as a crucial support zone backed by substantial whale accumulation. The market’s ability to maintain this level has helped preserve broader bullish market structure.

Derivatives markets have reflected the shifting dynamics, with funding rates normalizing after periods of extreme readings during recent price swings. This stabilization suggests a more balanced outlook between long and short positions in the futures market.

Exchange flow data indicates a trend of Bitcoin moving to private wallets, aligning with the observed increase in whale addresses. This movement of coins off exchanges typically suggests a preference for longer-term holding strategies rather than active trading.

At press time, Bitcoin trades at $97,601, maintaining its position above the whale accumulation zone while market participants watch for potential breaks above the $101,000 level.