13th February 2026 – (New York) Bitcoin has managed a modest 1.5 per cent gain over the past week, even as it once again dipped below the psychologically significant US$70,000 level. But behind the price wobble, a familiar dynamic is playing out: whales are buying, while smaller holders flee.
According to on-chain data from Santiment, addresses holding between 1,000 and 10,000 Bitcoin have added 100,000 coins to their wallets since the year began—a 2.1 per cent increase. Even larger accumulators, those with 10,000 to 100,000 BTC, have bought a further 70,000 tokens, growing their holdings by 3.1 per cent.
At an average purchase price of roughly US$77,000, this translates to approximately US$11.5 billion in fresh whale investment. The accumulation suggests that sophisticated capital is betting on a floor forming near current levels, even as the broader mood darkens.
The Crypto Fear and Greed Index has sunk to a historic low of 8, firmly in “extreme fear” territory. Trading volumes have also cooled, sliding from a February peak of US$125 billion to US$44 billion in the past 24 hours.
Yet it is the behaviour of smaller whales—those with 100 to 1,000 BTC—that offers the clearest signal of capitulation. This cohort, which had accumulated steadily while Bitcoin traded above US$100,000, began dumping once prices fell below US$90,000. Their panic appears to have been absorbed by larger players.
From a technical standpoint, the US$60,000 zone now looms as the most relevant support level. On 5 February, when Bitcoin lost 14 per cent in a single day, strong demand emerged at that price. A retest may be imminent, and whether buying pressure holds will determine if the bearish cycle can be arrested.
The Relative Strength Index has already exited oversold territory and flashed an early buy signal after crossing above its 14-day moving average. Still, a sustained move above US$75,000 would be needed to suggest a trend reversal. For now, calling a bottom remains premature.
On the hourly chart, resistance at US$68,500 is the immediate level to watch. A firm rejection there could trigger further declines over the weekend, with US$60,000 the logical target. For traders willing to assume geopolitical calm, that setup offers a risk-reward ratio worth noting.
Whale activity, however, suggests that if US$60,000 does break, it will not do so without a fight.