Bitcoin whales are piling in as BTC price revisits the 2024 entry zone

Bitcoin has reassessed its 2024 whale entry zone as large holders continue to buy even as prices continue to fall.

Data from the chain now shows that these large holders are continuing to buy and not exiting, suggesting that the current downturn could be seen as a re-entry opportunity rather than a reason to flee.

Whales are piling up as retail fears grow

According to pseudonymous market watcher CW8900, there has been steady accumulation among large BTC and Ethereum (ETH) holders. She wrote that Bitcoin’s current price matches the zone where whales started buying in October 2024, and they argue that accumulation has increased rather than slowed down.

“Despite the drop in $BTC, accumulation continues. In fact, it is increasing,” CW8900 said.

In a separate post the analyst noted that Ethereum whales are now taking positions with losses similar to previous cycle lows, which they described as a pattern seen near bottoms.

The expert wrote about the giant ETH holders:

“Their target is the coming rally. They are still raising huge amounts of money in preparation for a bull market.”

Market data supports the context behind these claims, with figures from CoinGecko showing BTC changing hands nearly $69,000 after rising between $68,000 and $71,000 over the past day. The asset is down about 2% this week, 10% in two weeks and almost 28% in a month.

For its part, ETH is showing deeper losses. At the time of writing, the token was trading at just under $2,000, having dropped around 40% in a month and 13% in two weeks.

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Despite the prevailing conditions, Fundstrat’s Tom Lee believes ETH will make a full recovery. He pointed to eight separate declines of more than 50% that the world’s second-largest cryptocurrency has suffered since 2018, including a 64% drop earlier last year. In all cases the asset formed a V-shaped bottom and recovered completely.

However, not all major positions have been preserved. Trend Research, once Asia’s largest ETH long, closed its final position last week after amassing $2.1 billion in leveraged long positions. According to Arkham, the exit resulted in a realized loss of $869 million and came even after founder Jack Yi did so predicted ETH would reach $10,000 a few days earlier.

Divergent signals

Not all indicators are bullish, as shown by analyst Wise Crypto said Bitcoin’s recent 9% recovery between February 12 and 15 could be a trap. The market technician pointed to hidden bearish divergence on the 12-hour charts and a 90% rise in the NUPL, indicating higher selling risk, with key support levels from $65,000 to $66,000, and $60,000 as the key psychological bottom.

To add context to this caution, a recent poll by chartist Ali Martinez found that only 22.7% of respondents believed $60,000 was the cycle low, while the largest share expected prices to fall towards $38,000.

Interestingly, market intelligence provider Santiment has noted that BTC typically moves opposite public expectations, signaling a potential rally if fear continues to dominate sentiment.