Bitcoin Whales Add 40,000 BTC at $60K Dip – Feb 2026

Bitcoin whale wallets accumulated about 40,000 BTC during the sell-off that pushed BTC toward $60,000, according to Glassnode data cited in market reporting. Large-holder buying split across two cohorts: 1,000–10,000 BTC addresses added roughly 22,000 BTC, while 10,000–100,000 BTC wallets added about 18,000 BTC.

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Context

Bitcoin’s early-February drop briefly took the market to the $60,000 area, a level traders widely watched as a key psychological support zone. The move coincided with risk-off conditions across markets, keeping macro catalysts and liquidity expectations at the center of price action.

The same period also highlighted a familiar split in behavior between large and small market participants. While headline sentiment stayed fragile, on-chain cohort data pointed to larger holders increasing exposure into weakness rather than cutting risk.

Binance also added a separate, visible source of spot demand through its SAFU reserve rebalancing program. The exchange previously said it planned to convert $1 billion of SAFU assets from stablecoins into Bitcoin within 30 days.

Details

Glassnode’s cohort data, as cited by Invezz, showed “whale” addresses holding between 1,000 and 100,000 BTC accumulating about 40,000 BTC during the decline. The buying concentrated in two bands that often act as proxies for institutional and high-net-worth positioning: +~22,000 BTC in the 1,000–10,000 BTC cohort and +~18,000 BTC in the 10,000–100,000 BTC cohort.

Binance’s SAFU conversions ran in parallel. Reporting around Feb. 9 said Binance converted about $300 million into 4,225 BTC, bringing SAFU’s total Bitcoin holdings to 10,455 BTC, valued at roughly $731 million at prevailing prices.

From a market-structure perspective, the key takeaway is that the “buying” was not a single headline number. It showed up as multi-cohort accumulation on-chain plus an exchange reserve program executing discrete conversions into BTC.

Impact

Large-holder accumulation during fast drawdowns often matters because it can absorb supply from short-term sellers and stabilize spot conditions without requiring immediate upside follow-through. It also changes the narrative from “capitulation” to “reallocation,” even if price remains range-bound afterward.

Still, the accumulation signal needs confirmation from price behavior. Christopher Inks, Founder at TexasWest Capital, framed the near-term setup as favoring consolidation or recovery rather than fresh lows: “The path of least resistance for Bitcoin at the moment is up or sideways, not new lows.”

Inks also emphasized the need for time-based confirmation rather than a single bounce: “We want to see the low holding for the next 2-3 weeks with declining volumes on the pullbacks.” That approach reflects how many traders separate a reflex rebound from a sustained trend change.

Next Steps

The next scheduled macro catalyst is US CPI. The Bureau of Labor Statistics is set to publish January CPI on Feb. 11, 2026, at 8:30 a.m. ET (13:30 UTC), a release that frequently drives broad risk pricing and short-term crypto volatility.

On the chart, traders continue to watch whether Bitcoin can reclaim and hold above the low-$70,000s area referenced in market commentary, or whether it revisits the mid-to-high-$60,000 support zone highlighted by technical analysts. Separately, Binance’s SAFU conversion timeline remains a concrete flow to monitor because it reflects a publicly stated reserve strategy rather than discretionary trading.

For a longer-horizon lens, Fidelity’s Jurrien Timmer, Director of Global Macro, reiterated his structural optimism while warning about cycle risk: “While I remain a secular bull on Bitcoin, my concern is that Bitcoin may well have ended another 4-year cycle halving phase, both in price and time.”

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P.S. This article is for informational purposes only and does not constitute investment advice. Always conduct your own research and make independent decisions.