Exchange Balances Drop 4,000 BTC Overnight
Bitcoin whales moved aggressively over the weekend. Exchange balances fell by approximately 4,000 BTC in just 24 hours, according to Bitfinex data shared on February 9. Larger wallets added to their positions while retail sentiment remained shaky after a turbulent week that saw the crypto Fear and Greed Index touch single digits.
The timing is notable. This accumulation burst arrived during a period of heightened selling pressure across the broader market, with spot Bitcoin ETFs recording $681 million in weekly outflows and the BTC exchange whale ratio climbing to 0.504, a level historically associated with distribution phases. Yet beneath the surface, a subset of large holders appears to be betting that the worst is behind them.
The Biggest Single-Day Accumulation Inflow Since 2022
The weekend move did not happen in isolation. On February 6, on-chain analytics recorded 66,940 BTC flowing into accumulation addresses, marking the most significant single-day inflow since 2022. Two days later, on February 8, a whale moved 1,546 BTC ($106.7 million) from Binance to cold storage, a classic signal of long-term conviction rather than short-term trading.
Exchange supply as a percentage of total Bitcoin has now fallen to approximately 13.7%, its lowest level in seven years. Wallets holding between 10,000 and 12,000 BTC have collectively added 56,227 coins since December, suggesting that this is not a one-day blip but a sustained accumulation trend building through the first quarter of 2026.
For context, the previous accumulation wave of this magnitude coincided with Bitcoin trading in the $16,000 to $20,000 range during late 2022, just before the rally that eventually carried prices past $100,000.
Contradictory Signals Complicate the Picture
Not all on-chain data points in the same direction. A MEXC research report cautioned that much of the apparent whale accumulation is overstated when exchange-related addresses are excluded from the analysis. Wallets holding 100 to 1,000 BTC, a cohort that captures many ETF-related custodial wallets, have actually been declining in aggregate balance.
The BTC exchange whale ratio at 0.504 adds another layer of ambiguity. This metric tracks the proportion of exchange inflows attributable to the top 10 depositors. When it rises above 0.5, it historically correlates with increased selling pressure during price rebounds. In plain terms: while some whales are pulling Bitcoin off exchanges, others are depositing it, likely to sell.
Spot Bitcoin ETF flows reinforce the cautious side of the ledger. The $681 million in weekly outflows represents institutional money stepping back, not doubling down. Fortune reported that UBS went as far as declaring "crypto is not an asset" in a February 6 note, a sentiment that may be coloring institutional allocation decisions.
What This Divergence Means for Bitcoin Holders
The gap between whale accumulation and ETF outflows creates a market dynamic worth watching closely. When long-term holders accumulate while short-term and institutional players distribute, it typically sets the stage for a supply squeeze, but only if the accumulators hold their positions through the next volatility cycle.
For Bitcoin holders weighing their next move, the 13.7% exchange supply figure is the most actionable data point. Lower exchange supply mechanically reduces available sell-side liquidity. If demand returns, whether through ETF inflow reversals, a macro catalyst, or simply improved sentiment, the reduced float on exchanges could amplify price moves in either direction.
The 66,940 BTC single-day accumulation on February 6 also coincided with what VanEck's Matthew Sigel described as the largest long-term holder selling event since 2019 reaching exhaustion. If the selling cohort has largely exited, the remaining holders represent a higher-conviction base less likely to panic during future drawdowns.
The Broader Crypto Ecosystem Impact
Whale accumulation patterns ripple beyond Bitcoin's spot price. When large holders move BTC off exchanges and into cold storage, it reduces the collateral available for lending, margin trading, and derivatives markets. This can tighten conditions across the entire crypto ecosystem.
For crypto card users specifically, Bitcoin's exchange supply dynamics matter because many crypto card platforms allow direct BTC spending or conversion at the point of sale. Lower exchange liquidity can lead to wider spreads during high-volatility periods, meaning the price you see and the price you pay may diverge more than usual. Users holding BTC on self-custody wallets connected to spending cards should be aware that execution quality depends partly on the depth of the liquidity pool their card provider taps into.
The accumulation trend also supports the narrative around Bitcoin as a long-term store of value rather than a trading asset. Cards that offer staking rewards or yield on BTC holdings become more attractive when the dominant holder behavior shifts from trading to holding.
FAQ
How much BTC left exchanges in the latest move? Approximately 4,000 BTC left exchange balances in a single 24-hour period ending February 9, 2026, according to Bitfinex data.
What was the 66,940 BTC accumulation event? On February 6, 2026, on-chain data recorded 66,940 BTC flowing into accumulation addresses. This was the largest single-day inflow into accumulation wallets since 2022.
Are Bitcoin ETFs also buying? No. Spot Bitcoin ETFs recorded approximately $681 million in weekly outflows heading into the second week of February, indicating institutional caution despite on-chain whale accumulation.
What does 13.7% exchange supply mean? It means only 13.7% of all mined Bitcoin is currently sitting on exchange wallets, the lowest percentage in seven years. Lower exchange supply reduces available sell-side liquidity and can amplify price movements.
Overview
Bitcoin whales pulled 4,000 BTC off exchanges in 24 hours over the weekend, extending an accumulation trend that produced the largest single-day inflow into accumulation addresses since 2022 on February 6. Exchange supply has dropped to a 7-year low of 13.7%, and wallets holding 10,000+ BTC have added over 56,000 coins since December. However, the bullish on-chain picture clashes with $681 million in spot ETF outflows and a rising exchange whale ratio at 0.504, suggesting that not all large players agree on direction. The divergence between long-term holder accumulation and institutional distribution sets up a potential supply squeeze if demand catalysts emerge, but also warns that conviction is not yet unanimous across the market.
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