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\n\t\t\t\t\t\t\t\t\tBitcoin has revisited its 2024 whale entry zone as large holders keep buying even as prices keep on falling.\t\t\t\t\t\t\t\t<\/p>\n<\/p><\/div>\n
Bitcoin (BTC) has slipped back to price levels last seen in October 2024, the exact moment when whales began their most recent accumulation phase.<\/p>\n
On-chain data now shows these large holders are continuing to buy, not exit, suggesting the current downturn may be viewed as a re-entry opportunity rather than a reason to flee.<\/p>\n
According to pseudonymous market watcher CW8900, there has been a steady accumulation among large BTC and Ethereum (ETH) holders. They wrote<\/a> that Bitcoin\u2019s current price matches the zone where whales started buying in October 2024, and they claim accumulation has increased rather than slowed.<\/p>\n \u201cDespite the decline in $BTC, accumulation continues. In fact, it\u2019s increasing,\u201d CW8900 said.<\/p>\n<\/blockquote>\n In a separate post, the analyst noted<\/a> that Ethereum whales now hold positions at losses comparable to earlier cycle lows, which they described as a pattern seen near bottoms.<\/p>\n The expert wrote regarding the giant ETH holders,<\/p>\n \u201cTheir target is the upcoming rally. They are still accumulating massive amounts in preparation for a bull market.\u201d<\/p>\n<\/blockquote>\n Market data supports the context behind those claims, with numbers from CoinGecko showing BTC changing hands near $69,000 after moving between $68,000 and $71,000 in the past day. The asset is down about 2% this week, 10% over two weeks, and nearly 28% in a month.<\/p>\n On its part, ETH is showing deeper losses. At the time of writing, the token was trading at just under $2,000 after falling about 40% in a month and 13% in two weeks.<\/p>\n Despite the prevailing conditions, Fundstrat\u2019s Tom Lee believes<\/a> ETH will rebound fully.\u00a0He pointed to eight separate drawdowns exceeding 50% that the world\u2019s second-largest cryptocurrency has faced since 2018, including a 64% drop earlier last year. In every case, the asset formed a V-shaped bottom and recovered completely.<\/p>\n However, not all large positions have survived. Trend Research, once Asia\u2019s largest ETH long, closed<\/a> its final position last week after accumulating $2.1 billion in leveraged longs. According to Arkham, the exit resulted in an $869 million realized loss and came even after founder Jack Yi had predicted<\/a> ETH would reach $10,000 just days before.<\/p>\n Not all indicators are leaning bullish, as revealed by analyst Wise Crypto, who said<\/a> Bitcoin\u2019s recent 9% rebound between February 12 and February 15 may be a trap. The market technician pointed to hidden bearish divergence on 12-hour charts and a 90% surge in NUPL, which indicated a higher sell risk, with key support levels sitting at $65,000 to $66,000, and $60,000 as the major psychological floor.<\/p>\n To add context to that caution, a recent poll run by chartist Ali Martinez found<\/a> that only 22.7% of respondents believed $60,000 was the cycle low, while the largest share expected prices to fall toward $38,000.<\/p>\n Interestingly, market intelligence provider Santiment has noted that BTC typically moves opposite crowd expectations, suggesting a potential rally if fear continues to dominate sentiment.<\/p>\n\n
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