Whales Gobbling Bitcoin: A Market Tale of Panic and Peculiarities!

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Well now, dear reader, it seems that Bitcoin is wrestling with the mighty $70,000 mark like a cat with a particularly slippery fish. This price point has proven to be as stubborn as a mule in a mud puddle, repeatedly sending traders back to their drawing boards as they ponder the next move in this financial waltz. The market sentiment resembles a game of musical chairs, where every note played is a reminder of the persistent selling pressure looming over our beleaguered cryptocurrency.

Our good friends at Darkfost have been dabbling in some on-chain analysis-engaging in that delightful pastime of digging through data like a raccoon rummaging through a trash can. They’ve discovered that while the big fish, or whales as they call them, are sending more Bitcoin to exchanges (a sure sign they might be ready to unload), the total supply held by these aquatic giants has been swimming upstream instead of downstream. Quite the conundrum, wouldn’t you say?

In simpler terms, while whales seem to be preparing for a grand sale, they’re also hoarding more Bitcoin than a squirrel gathers acorns before winter. This peculiar behavior suggests that larger investors might still be in the mood to collect, despite the market’s unpredictability resembling a cat on a hot tin roof.

Whale Accumulation Returns As Large Holders Rebuild Bitcoin Positions

According to our insightful pals at Darkfost, there’s been a remarkable shift in the habits of these Bitcoin whales. Following a rather alarming dip just before Christmas last year-when whale-held supply dropped like a rock-these hefty investors have decided to start accumulating again. Over the past month, they’ve managed to increase their holdings by about 3.4%, indicating that even in uncertain times, some folks know a bargain when they see one.

This little uptick translates to an impressive rise in whale-controlled supply from approximately 2.9 million BTC to over 3.1 million BTC. That’s a hefty accumulation of more than 200,000 BTC, which, if you ask me, sounds like the kind of movement that happens right before something big-though what exactly that big thing will be is anyone’s guess!

We saw a similar accumulation wave during the tumultuous April 2025 correction, when whale buying helped absorb the selling pressure like a sponge soaking up spilled milk. It led to a rally where Bitcoin soared from about $76,000 to a staggering $126,000. Now, I’m not saying history will repeat itself, but one can’t help but wonder if we’re all just characters in a grand ol’ play, with the script being written as we speak.

Currently, Bitcoin finds itself lounging around 46% below its last all-time high, presumably eyeing the current price as a prime opportunity for those with deeper pockets. Yet, Darkfost warns us that this incessant selling pressure is a bit like that pesky fly buzzing around your picnic-persistent and hard to ignore.

Bitcoin Holds Fragile Support As Weekly Trend Weakens

On the weekly timeframe, Bitcoin’s price action resembles a badly choreographed dance following a sharp dip from the late-2025 highs near $125,000. The chart reveals a sad transformation from a bullish jig into a downbeat shuffle, with lower highs cropping up like weeds since November, and the price recently plunging beneath the 100-week moving average. That breakdown usually heralds more gloom, hinting that further consolidation or a downward spiral may be on the horizon.

At present, BTC appears to be trading around the $67,000 mark, which acts like a makeshift lifebuoy after the recent shipwreck that occurred when prices plummeted from the cozy $90,000-$95,000 range earlier this year. The 50-week moving average has taken on the role of a dynamic roadblock, while the 200-week moving average looms like a protective fortress in the mid-$50,000 territory, should the selling pressure intensify.

Volume spikes during this recent decline hint at forced selling and defensive moves akin to a chicken running from a fox, rather than a leisurely distribution of assets. Historically, patterns like this have marked the transitions from jubilant bull cycles to quieter accumulation periods. So, hold onto your hats, folks! The ride is far from over.

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2026-02-19 10:11