Bitcoin Whales Continue Accumulation as BTC Returns to October 2024 Levels, Ethereum Down 40% in a Month

Bitcoin has fallen back to price levels last seen in October 2024, the zone where large holders restarted accumulation, and onchain data cited by pseudonymous analyst CW8900 show these whales are still adding rather than exiting. CW8900 reported ongoing accumulation among major BTC and Ethereum holders, while CoinGecko data show BTC trading near $69,000 after a $68,000–$71,000 range in the past day, leaving it down about 2% on the week, 10% over two weeks and nearly 28% in a month, with ETH changing hands just below $2,000 after sliding roughly 13% over two weeks and 40% in a month. Fundstrat's Tom Lee highlighted that ETH has endured eight drawdowns exceeding 50% since 2018, including a 64% decline earlier last year, each time forming a V-shaped bottom and fully recovering, while Arkham reported that Trend Research, formerly Asia's largest ETH long, closed a $2.1 billion leveraged position last week with a realized loss of $869 million after its founder Jack Yi had forecast a $10,000 ETH price days earlier. Analyst Wise Crypto warned that Bitcoin's 9% rebound between February 12 and February 15 could be a bull trap, flagging hidden bearish divergence on 12-hour charts and a 90% jump in NUPL alongside key supports at $65,000–$66,000 and $60,000, as poll results shared by Ali Martinez showed only 22.7% of respondents view $60,000 as the cycle low and market intelligence firm Santiment observed that BTC often moves counter to crowd expectations.