TL;DR

Whales added 30,000 BTC during a price drop, pushing holdings to their highest in months. Exchange outflows and rising on-chain activity signal strategic accumulation by large BTC holders. Short-term holders near loss; key support levels tested as traders watch for a reversal.

Whales Accumulate as Bitcoin Price Falls

Over the past seven days, wallets holding between 100 and 1,000 BTC have added around 30,000 bitcoins, according to data shared by analyst Ali Martinez. Holdings by this group increased from roughly 4.97 million BTC to more than 5.04 million BTC, now sitting at their highest level in recent months.

30,000 Bitcoin $BTC bought by whales in the past week! pic.twitter.com/pdJsr5IOvX

Meanwhile, this activity came during a week when Bitcoin’s price dropped from around $117,000 to $109,000. While retail sentiment showed uncertainty, larger holders continued buying. The move suggests that these mid-sized wallets are building positions while prices remain under pressure.

On-Chain and Exchange Data Support Accumulation

Blockchain data between September 19 and 26 shows that total Bitcoin transferred on-chain rose from about 440,000 to over 770,000 BTC. This increase in transfer volume took place as the asset declined. Movement at this scale often reflects repositioning by larger participants, especially when the price and transfer activity move in opposite directions.

Source: CryptoQuant At the same time, exchange netflows were mostly negative from August 26 through September 26. Multiple days saw withdrawals exceeding 10,000 BTC, including August 28, September 1, 15, 21, and 23. When Bitcoin is withdrawn from exchanges in large amounts, it often suggests holders are choosing to store assets in wallets rather than preparing to sell. This trend aligns with the accumulation seen in mid-sized wallets.

Source: CryptoQuant

Short-Term Holders Near Loss Territory

Data from Checkonchain shows short-term holders are now close to breakeven levels. These wallets, which typically represent recent buyers, tend to react quickly to price changes. Each time this group entered net loss territory in 2025, Bitcoin found a local low soon after.

Analyst Cas Abbé said,

Short-term Bitcoin holders are reaching their break-even levels.

If their holdings go into loss, that would be a nice bottom formation.

I think $BTC could revisit September lows, before a reversal and a new ATH. pic.twitter.com/FcIJidqVvI

He added that Bitcoin might revisit the September low near $107,000 before making a move higher. The chart pattern appears consistent with previous cycles this year.

Bitcoin Tests 21-Week EMA as Support

Bitcoin is currently sitting at the 21-week EMA, a trend-based level watched closely by traders. Analyst Rekt Capital shared a chart showing BTC retesting this support zone near $109,572. Earlier this year, the same level marked a turnaround point in April.

Source: Rekt Capital/X Below this area, there is a support range between $104,000 and $100,000. If that fails, the 200-week EMA near $93,395 could come into play. Michaël van de Poppe commented, “We’ll likely sweep the low sub $107K before we’ll reverse,” while also noting that “90% of the correction is over.”