Bitcoin has returned to the price range last seen in October 2024, when large holders began their previous accumulation phase. On-chain data shows these whales are still buying rather than selling, indicating that the current dip may be seen as a re-entry opportunity.
Pseudonymous analyst CW8900 noted steady accumulation among both BTC and Ethereum whales. Bitcoin’s current price matches the zone where whales started buying in October 2024, and accumulation has reportedly increased despite the recent decline. Ethereum whales are also holding positions near cycle low losses and continue buying in preparation for the next rally.
Market data from CoinGecko shows BTC trading near 69,000 dollars after moving between 68,000 and 71,000 in the past day, down about 2 percent this week and nearly 28 percent over the past month. Ethereum is trading below 2,000 dollars after falling roughly 40 percent in a month. Fundstrat’s Tom Lee highlighted that ETH has historically recovered fully after drawdowns exceeding 50 percent, forming V-shaped bottoms.
However, some large positions have closed at significant losses. Trend Research recently exited its final ETH long, realizing an 869 million dollar loss after previously holding $2.1 billion in leveraged positions.
Not all indicators are bullish. Analyst Wise Crypto warned that Bitcoin’s recent 9 percent rebound may be a trap, pointing to bearish divergence and high NUPL readings. Support levels are seen around 65,000 to 66,000 dollars, with 60,000 as a major psychological floor. Meanwhile, Santiment notes that BTC often moves against crowd sentiment, suggesting a potential rally if fear continues to dominate.
