Who Is the Mysterious Whale That Scooped Up Bitcoin and Ethereum During the Crash?
Who Is the Mysterious Whale That Scooped Up Bitcoin and Ethereum During the Crash?
Amid a historic plunge in the cryptocurrency market, unidentified whales are accumulating large amounts of Bitcoin (BTC) and Ethereum (ETH), stepping in to buy at depressed prices. This move is interpreted as a sign that whales are confident in the potential for a strong rebound despite extreme fear in the market.
According to cryptocurrency-focused outlet Finbold on February 8 (local time), analysis from the on-chain analytics platform Lookonchain shows that two newly created whale wallets executed massive withdrawals from Binance. A Bitcoin wallet identified as “17oiCa” withdrew approximately 3,500 BTC worth about $249 million across multiple transactions. At the same time, an Ethereum wallet accumulated around 30,000 ETH, valued at roughly $63 million.
These movements align with a broader accumulation trend among whales observed since early February. Shortly after the market entered a sharp capitulation phase and retail selling pressure began to ease, various whale groups increased their holdings by purchasing thousands of Bitcoin. In Ethereum’s case, buying was even more aggressive, as whales withdrew hundreds of thousands of ETH from major exchanges such as Binance and Kraken, pushing exchange reserves down to multi-year lows.
Large-scale exchange withdrawals by whales reduce the circulating supply available in the market, helping stabilize prices, limit downside risk, and increase scarcity that lays the groundwork for a rebound. This has already contributed to Bitcoin’s rapid recovery from its weekly lows and has set the stage to test levels above $75,000 if momentum and investor sentiment continue to improve. Ethereum could also see stronger upside, as declining exchange balances reinforce the scarcity narrative, especially if coupled with growing institutional interest or adoption.
Bitcoin fell to around $60,000 earlier in the week before rebounding to as high as $71,000 in some sessions. At the time of reporting, Bitcoin is trading at $70,886, up more than 2% over the past 24 hours, though it remains down over 8% on a weekly basis. Ethereum is also showing a gradual recovery, rising 1.4% day over day to $2,094, but it has declined by nearly 10% over the past seven days.
Although risk factors such as thin liquidity, deleveraging, and macroeconomic pressures remain, historical precedents suggest that large-scale whale accumulation often signals a turning point in market cycles. As assets move from panic-driven sellers into the hands of long-term holders, the market can be seen as entering a process of rebuilding confidence.
*Disclaimer: This article is for investment reference only, and no responsibility is taken for investment losses based on this content. The information provided should be interpreted solely for informational purposes.*
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