The crypto market experienced a sharp decline this week. Against this backdrop, whales began accumulating assets.
On-chain data shows purchases of BTC and Ethereum by large addresses. This behavior may indicate confidence in a market recovery.
Two newly created wallets withdrew large amounts of funds from Binance. A Bitcoin wallet with the address 17oiCa accumulated about 3,500 BTC worth approximately $249 million. The funds were received through several transfers, including 714.325 BTC for $50.05 million, 2,156 BTC for $151.21 million, and 630.001 BTC for $44.42 million. There was also a small transfer of 0.009999 BTC for $693.87.
At the same time, the Ethereum—wallet collected 30,000 ETH with a total value of about $63 million. Of these, 20,000 ETH for $42.02 million and another 10,000 ETH for $20.98 million.
Bitcoin whale transaction. Source: Lookonchain
These fund withdrawals fit into a broader trend of accumulation by whales observed in early February 2026. Reports show significant Bitcoin purchases among different holder groups after the sharp market capitulation. As selling pressure from retail traders eased, large players added thousands of BTC to their positions during recent sessions.
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Ethereum, meanwhile, is showing even more aggressive dynamics. Whales withdrew hundreds of thousands of ETH from exchanges, including Binance, Kraken, and other platforms, reducing exchange reserves to their lowest levels in several years.
Large addresses have also changed their strategy. After a period of distribution, they switched to active buying, including coordinated transfers of funds to self-custody wallets during the market downturn.
Impact on Prices
The withdrawal of large volumes of cryptocurrency from exchanges reduces the supply available for trading. This helps stabilize prices, limits the risk of further declines, and creates a shortage that supports market rebounds. Already, this dynamic has helped Bitcoin quickly recover from the weekly low and, with improving sentiment and momentum, could open the way to test the $75,000 level and above.
In the case of Ethereum, the decline in exchange reserves strengthens the scarcity narrative, especially in the DeFi sector. If institutional interest returns or stories about network adoption and usage start working again, this could lead to even stronger price growth.
However, risks remain. Low liquidity, reduced leverage, and macroeconomic pressure continue to affect the market. Nevertheless, such accumulation often coincides with market cycle reversals, when assets move from panicked sellers to long-term holders and market confidence gradually begins to recover.
Bitcoin and Ethereum Price Analysis
Bitcoin recovered after falling to around $60,000 at the beginning of the week. In individual sessions, the price rose to $71,000. This indicates the market is attempting to hold above recent lows.
At the time of publication, the leading cryptocurrency was trading at $69,121. Over the past 24 hours, the price has decreased by 1%. However, for the week, the asset is still down by more than 11%.
Seven-day BTC and ETH price chart. Source: Finbold
Ethereum, in turn, showed a more restrained recovery. At the time of publication, ETH was trading at $2,017, down 1.4% for the day. However, over the past seven days, the asset remains down by almost 12%.
