Bitcoin Whales Are Buying the Dip—$100K Incoming?
Despite the recent price volatility, whales have been accumulating. On-chain data from February shows 135 new wallets with at least 100 BTC.
The whale accumulation coincides with Bitcoin rebounding to $100,000 after dipping to $90,000 this week.
Market chaos, partly due to fears of a Trump administration and potential trade policies, has given large scale investors an opportunity to buy at lower prices. Santiment reports that while whales are accumulating, small retail investors are selling. Wallets with less than 100 BTC saw a net decline of 138,680 in February, showing a transfer of wealth from weak hands to strong hands.
Historically this pattern of whale accumulation and retail selling has preceded market cap growth, but gains may take weeks or months to materialize. Some may say the bull run is ending, but the whale activity suggests the long term is still good.
Bitcoin Finds Key Support at $97,500
A deeper dive into the numbers shows Bitcoin’s support at $97,500. According to Glassnode’s Cost Basis Distribution (CBD) data, around 200,000 BTC were bought at this price, making it a key psychological and technical level.
Bitcoin is currently at $97,601 with daily trading volume down 35% to under $47 billion. 24hr liquidations are up to $36 million, $23 million of which is long position liquidations.
Glassnode says to hold above this level:
If Bitcoin stays above $97,500 it’s well above the short term holder cost basis of around $92,000.
If it falls below this level it will be in unrealized loss and market sentiment will weaken and downside risk will increase.
So it’s being closely watched to see if Bitcoin can hold and break out to new all time highs.
Institutional Inflows Boost Market Confidence
The price action hasn’t deterred institutional interest. Spot Bitcoin ETF inflows have resumed.
Key points:
US based Bitcoin ETFs like BlackRock and Fidelity are getting inflows.
European markets are moving too, BlackRock is working on launching Bitcoin ETFs in the region.* Whales and institutions are still accumulating so the long term is still good.
As Bitcoin gets to $100,000 it’s showing it’s more resilient to market noise. Short term corrections will happen but the trend is pointing to the next leg up.
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