Whales Accumulate Bitcoin as in 2022, Dreaming of a Record-Breaking Bull Run

▲ Bitcoin (BTC) whale / AI-generated image

Bitcoin (BTC) whales are aggressively absorbing the sell-off from retail investors in the downturn, replicating the accumulation structure seen just before previous major bull runs.

According to cryptocurrency outlet BeInCrypto on February 12 (local time), as Bitcoin trades near $66,996 under downward pressure, large whales holding between 10,000 BTC and 100,000 BTC have accumulated an additional 70,000 BTC this month alone. Valued at approximately $4.6 billion, this massive accumulation comes even as retail investors enter a phase of “capitulation,” selling at losses amid market uncertainty. Whales, however, appear to be seizing this moment as a low-price buying opportunity.

This behavior closely resembles the accumulation pattern observed just before the bull market in the first half of 2022. Data from on-chain analytics firm Glassnode shows that the 30-day moving average of Bitcoin outflows from exchanges to large wallets has risen to 3.2%. Historically, strong rallies have followed periods in which whales withdrew large amounts of Bitcoin from exchanges to establish long-term holding positions. The current liquidity absorption is therefore seen as laying the technical groundwork for a potential market rebound.

In contrast, retail investor sentiment remains extremely subdued. The Spent Output Profit Ratio (SOPR) has fallen below 1, indicating that many investors are selling their assets at prices lower than their purchase cost. While this decline reflects short-term fear in the market, periods when SOPR remains below 1 for extended durations have historically coincided with price bottom formation. Whales are strategically locking up supply amid widespread pessimism, preparing for the next market cycle.

From a technical perspective, Bitcoin is precariously holding support at $66,749 while facing strong selling pressure near the psychological resistance level of $70,610. In the short term, defending the $65,000 level is critical to preventing a sharper decline. Should whale buying momentum weaken and current support break down, the price could slide past $63,185 toward the low $60,000 range, potentially invalidating the bullish scenario.

For a genuine recovery, Bitcoin must reclaim $78,656 and firmly establish it as support. Market experts note that macroeconomic conditions and liquidity cycles remain key variables, but they emphasize that large capital holders are steadily accumulating Bitcoin from a long-term perspective. As long as strong whale support continues, the current downturn may ultimately be remembered as a period of accumulation preceding a new leap forward.

Disclaimer: This article is for investment reference only and we are not responsible for any losses incurred based on this information. The content should be interpreted for informational purposes only.