Bitcoin declined sharply on February 11, slipping below the $70,000 mark despite significant accumulation by large holders over the past week.
The BTC/USD pair dropped 2.45%, with prices trading near $66,000 in early hours. The move comes after Bitcoin failed to sustain momentum above $70,000, a level that had recently acted as short-term support following a rebound from around $60,000.
Data from Glassnode show that large Bitcoin wallets accumulated approximately 53,000 BTC last week, valued at roughly $4 billion at current prices. These wallets, often referred to as “whales,” are typically seen as influential participants capable of absorbing selling pressure during volatile phases.
However, the recent accumulation did not translate into price stability. Buying interest from deep-pocketed investors appeared insufficient to prevent the breakdown below $70,000, raising questions about the broader strength of demand.
Additional Glassnode figures indicate that, excluding ETFs and exchange wallets, large holders have been net sellers over the past year. Since mid-December, more than 170,000 BTC have reportedly moved out of major wallets, underscoring a longer-term distribution trend.
With $70,000 no longer holding as support, attention shifts back toward the $60,000 area, which previously attracted buyers during recent declines. On the upside, Bitcoin would need to reclaim $70,000 and maintain levels above $73,000 to restore near-term momentum.
Bitcoin had previously climbed to levels near $126,000 in October before entering a prolonged phase of volatility. While whale purchases suggest ongoing interest from large investors, price action indicates that broader conviction remains limited.
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