CryptoQuant’s CEO and co-founder Ki Young Ju revealed that 26,430 BTC had flowed into whale accumulation addresses primarily associated with over-the-counter (OTC) deals and long-term crypto holdings. The whale accumulation reported came after Bitcoin’s price momentarily dropped below $87,000 today before rebounding above $89,000 at the time of writing. The accumulated BTC is worth about $2.353 billion at current BTC prices.
CryptoQuant data has also indicated a sharp surge in Bitcoin balances in whale accumulation addresses since November, with approximately a 1 million BTC increase in the wallets. The data highlighted that the whale accumulation addresses had 1.7624 million BTC on October 31, compared to the 2.7599 million BTC in the addresses as of February 24.
Santiment also reported a surge in BTC accumulation by whales after President Donald Trump’s inauguration on January 20. The data indicated that 1,002 BTC had been accumulated every day by approximately 10 Bitcoin wallets, further revealing that BTC accumulation had increased significantly since the end of October.
The crypto analytics website added that the increased balance in wallets holding over 10 BTC, which are considered influential, would drive market values in the right direction.
The recent whale activity has raised speculations that traders and HODLers are preparing for a surge under Trump’s pro-crypto administration. Trump is expected to deliver on his promises to drive the U.S. toward crypto dominance. CryptoQuant data indicated that U.S. BTC buyers became more active beginning in the last quarter of last year. The data also highlighted that the trend extended into this year.
BTC sees massive liquidations of long positions
Bitcoin traders have also been liquidating long positions massively, with over 300,000 investors liquidating their positions in the past 24 hours, amounting to approximately $711 million. The investors liquidated their positions after Bitcoin dropped under the $90,000 support level. The liquidations initiated in the past 24 hours have been the largest experience experienced by Bitcoin markets since November. A CryptoQuant report speculated that the liquidations indicated a possible rebound in the coming days, even in small volumes.
The liquidations have notably affected the larger crypto community, including other coins like ETH, SOL, DOGE, and XRP. ETH has experienced liquidations of long positions worth approximately $273 million in the past 24 hours. DOGE, SOL, and XRP have recorded over $26 million, $91 million, and $55 million in liquidations of long positions in the past 24 hours, respectively.
One of the main reasons behind the current uncertainty is the recently reaffirmed Trump tariff plans. The market is experiencing extreme fear, recorded by the plunge in the Crypto Greed and Fear Index, which dropped to 29 today compared to 38 yesterday.
ETH whales are also accumulating
😯 There was a historic milestone of ~224,410 ETH moving away from exchanges in the 24 hours between February 8th and 9th. This was the most amount of net coins moving off of known exchange wallets in a single day in 23 months.
Though more of a long-term metric, this is a… pic.twitter.com/G2e2AausPh
— Santiment (@santimentfeed) February 11, 2025
Ethereum, which has been outperforming BTC in the past few days, has also seen an accumulation over the past few weeks. Santiment data from February 11 indicated that ETH experienced the largest outflows from exchanges in 24 hours between February 8 and 9. The outflows amounted to 224,410 ETH, worth over $600 million. The move of ETH out of exchanges showed increased investor confidence in the coin’s future.
Crypto movement into exchanges often indicates increased selling pressure for a coin, while outflows from exchanges have indicated intent among crypto holders to HODL. Ethereum has been struggling significantly to catch up with BTC’s price surge over the past few months.
The coin is currently hovering at $2,379, which is over 51% lower than ETH’s all-time high of $4,891 recorded in 2021. The price today is down over 10% in the past 24 hours, over 11% in the past 7 days, and over 28% in the past 30 days. The analytics website still confirmed that ETH reaching a new ATH would depend on Bitcoin’s performance this year.
One notable accumulation of ETH before the speculated price surge was by the entity ‘7 Siblings’ at the beginning of the month, which bought a total of 50,429 ETH worth approximately $126 million. The entity had last accumulated a large sum of Ethereum in August last year. ETH whales also accumulated approximately 140,000 ETH more recently amid the Bybit hack when the exchange suffered over 400,000 ETH losses.
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