- Santiment, a blockchain analysis platform, reported the emergence of 135 new Bitcoin wallets holding more than 100 BTC each in February, following a brief dip below the $100,000 mark.
- This development comes after US President Donald Trump announced that threatened tariffs between the US, Mexico and Canada have been temporarily suspended for a month.
Bitcoin (BTC) has seen significant price fluctuations in recent days, with massive volatility impacting the behavior of whales and retail investors in a variety of ways. Blockchain data reveals that bitcoin whales took full advantage of market declines following political events, notably after Donald Trump announced his intention to impose major tariffs on goods, only to declare that tariff threats between the US, Mexico and Canada had been suspended for a month.
As a result, 135 new whale portfolios holding over 100 BTC each appeared in February, reflecting the continued accumulation of whales despite the market slowdown. These new whale wallets are seen as an important factor in the recent rebound in bitcoin’s price after it briefly dipped below the $90,000 mark earlier this week.
After a period of correction, the bitcoin price quickly climbed back up to $100,000, probably as a result of continued whale activity. According toGlassnode’sCBD data, around 200,000 BTC were purchased at prices above $97,500, providing crucial support for bitcoin during recent declines. This accumulation has helped stabilize bitcoin’s price above this key support level, enabling it to withstand market volatility.
Our Cost Basis Distribution (CBD) metric helps us understand how #Bitcoin investors respond to downside pressure. Looking at last month's data, we see why the price found support twice at ~$97.5K – nearly 200K $BTC was accumulated above this level: https://t.co/9YFg95gC4X pic.twitter.com/wMhAdjBNUs
— glassnode (@glassnode) February 5, 2025
Glassnode adds that “investors with a cost basis of over $99,000 have accumulated over 150,000 BTC, which is visible on both monthly and weekly views. More and more holders are transferring their cost basis to $99K, reinforcing the fact that this is a key level” This strong accumulation is helping to stabilize the bitcoin price above $97,500, which is significantly higher than the cost basis of short-term holders, which is around $92,000. If bitcoin falls below $97.5,000, unrealized losses rise sharply, increasing the downside risk as market sentiment weakens.
Will increased market activity push bitcoin above $100,000?
An increase in market activity has recently been observed, with a rise in bitcoin trading volume on major exchanges such as Binance and Coinbase. This increase in trading volume is probably due to “whale” trades, which highlight significant market activity and an influx of large investors.
In addition, BlackRock, the world’s largest asset manager, has announced plans to launch a bitcoin exchange-traded product (ETP) in Europe. BlackRock’s entry into the bitcoin market is a clear signal of growing institutional interest, lending further legitimacy to bitcoin as a mainstream asset class.
The market’s evolution continues, with Johnny Ng Kit-chong , a member ofHongKong ‘s legislative council, advocating the acceleration of studies into bitcoin reserves. This initiative aims to ensure that Hong Kong maintains its leading position in the digital economy. In addition, Standard Chartered forecasts that bitcoin could reach $500,000 by 2028, due to increased institutional inflows, reduced volatility and regulatory changes enacted by Donald Trump, which broaden investor access to bitcoin.
The bitcoin price currently stands at $98,571, having fallen by 6% over the past week.
