Bitcoin Whales Are Stacking At Every BTC Price Dip, $100K+ Rally Soon?
Highlights
- On-chain data from February reveals the emergence of 135 new Bitcoin whale wallets holding 100+ BTC.
- Data from Glassnode shows significant accumulation above the BTC price $97,500, establishing a strong support level.
- A successful breakout above $101,000 could trigger a stronger bull rally to new all-time highs.
Bitcoin whales have turned active during the BTC price volatility last week, accumulating at dips all the way to $90,000. As per the on-chain data, 135 new whale wallets with more than 100 BTC emerged this month in February. This could be the reason behind BTC’s quick bounce back to $100K levels.
Bitcoin Whale Accumulation Grows Amid Market Volatility
The recent crypto market turbulence amid the fears of the Trump trade war provided a good opportunity for Bitcoin whales to stack up their supplies. Blockchain analytics platform Santiment reported that a total of 135 new wallets holding over 100 BTC emerged in February.
On the other hand, small retail investors, particularly those who entered the market in the past six months, sold off during the recent correction. Wallets holding less than 100 BTC dropped by 138,680 during the February period. Thus the shift in Bitcoin supply is clear from the weak hands to the strong hands.
According to Santiment data, this divergence between whale accumulation and retail liquidation typically precedes market cap growth, though gains may take weeks or months to materialize. While some believe this to be the end of the Bitcoin bull run, the whale accumulation shows otherwise.
Bitcoin Finds Strong Support at $97,500 Level
Glassnode’s Cost Basis Distribution (CBD) data reveals significant Bitcoin accumulation activity, with approximately 200,000 BTC purchased above $97,500. This accumulation explains the strong support level that prevented further price declines during two recent downturns last month.
As of press time, the Bitcoin price is trading at $97,601, with its daily trading volume plunging 35%, falling under $47 billion. Also, the 24-hour liquodations have soared to $36 million with $23 million in long liquidations.
In its analysis, Glassnode further noted: “This strong accumulation stabilizes BTC price above $97.5K, well above the short-term holder cost basis (~$92K). Below $97.5K, unrealized losses rise sharply, increasing downside risk as sentiment weakens.”
BTC Price Needs to Break Past $101 for A Strong Bull Rally
Popular crypto analyst Rekt Capital noted that Bitcoin is testing its diagonal trendline support level as prices consolidate between $98,000 and $101,000. According to analyst Rekt Capital, early signs of a potential higher low formation are emerging. Price stability at current levels could pave the way for Bitcoin to retest the $101,000 resistance.
Spot Bitcoin ETF inflows have also resumed once again despite strong market volatility showing strength among Bitcoin whale entities. After a strong success in America last year, giants like BlackRock are working to bring Bitcoin ETFs to Europe.
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