Bitcoin (BTC) has faced significant downward pressure for four consecutive weeks, heavily retracing from its all-time high of $126,300 to trade near $66.720 as of writing. Despite the prevailing “crypto winter” conditions, on-chain data reveals that crypto whales have aggressively resumed purchasing assets. Data indicates these investors acquired approximately $4.72 billion BTC last few days.
? When Retail Panics, Whales Feast
Last week felt ugly.
Fear everywhere. Weak hands smashing sell. Timeline screaming “it’s over”.But while emotions were loud, the blockchain was calm.
Here’s what actually happened ↓↓
? $4.72B worth of $BTC moved into whale accumulation… pic.twitter.com/CnN0MoAePB
— THEDEFIGURU (@TheDeFiGuru_) February 11, 2026
Understanding Whale Accumulation Signals
Whale accumulation typically signals that high-net-worth investors believe the asset is undervalued relative to its long-term potential. This behavior often precedes a supply squeeze, where the available inventory on exchanges dries up just as demand returns. Similar accumulation trends have been observed in other altcoins and memecoins during periods of market weakness, often serving as leading indicators for price reversals.
When leverage is flushed out of the market, spot buying becomes the dominant driver of price action. Wallets holding over 1,000 coins added $4 billion in value recently, suggesting a transfer of assets from capitulating retail traders to long-term holders utilizing cold storage or custodial solutions.
Metrics Show Shift in Sentiments
Similarly, according to TradingView data, there was another 53,000 BTC purchase last week, representing the largest weekly whale acquisition since November. This aligns with CryptoQuant findings that saw nearly 67,000 BTC move into accumulator addresses in early February.
Concurrently, the derivatives market has cooled significantly. Futures open interest has plummeted from an October high of $95 billion to currently around $44 billion. This drastic reduction in leverage suggests a cleaner market structure less prone to immediate liquidation cascades. Furthermore, Spot Bitcoin ETFs have reversed their outflow trend, adding over $145 million earlier this week after heavy selling in January. This reinforces the institutional buy signal currently flashing on multiple timeframes.
Is a Supply Shock Imminent?
The convergence of falling open interest and rising spot accumulation could trigger a supply shock if demand sustains. While optimistic forecasts point to significantly higher future valuations, analysts urge caution. Data shows these same whales sold over 170,000 coins historically since December, indicating they are actively trading the range rather than purely holding.
Investors should monitor the $68,000 support level closely. If whales continue to absorb sell pressure while the Federal Reserve expands liquidity, the market may see a reversal of the current downtrend. However, failure to hold this level could see further consolidation before a true recovery begins.
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