Bitcoin, Ethereum and XRP recorded sharp declines as selling pressure swept across major cryptocurrencies, but large holders increased their positions during the downturn. According to market analyst Ali Martinez, Bitcoin whales accumulated more than $1.2 billion worth of BTC over 72 hours, while Ethereum and XRP whales also expanded their holdings. The purchases coincided with technical buy signals across all three assets, raising the possibility of a short-term recovery despite continued weakness in prices.
Bitcoin led the broader correction, falling from approximately $87,000 to below $81,000, its lowest level in more than two weeks. Potential contributors to the decline included substantial exchange-traded fund outflows, concerns surrounding large transfers associated with the US government, macroeconomic developments and profit-taking. Although these factors may have reinforced selling pressure, their individual contributions to the decline remain unclear.
Large Bitcoin holders appeared to take the opposite side of the market during the correction. Martinez reported that whales added more than $1.2 billion in BTC to their holdings within 72 hours, suggesting that some major investors viewed the decline as an opportunity to increase exposure rather than reduce risk. Such accumulation can indicate confidence in longer-term valuations, although it does not necessarily establish an immediate price floor or prevent further losses.
Bitcoin also registered a buy signal on the four-hour TD Sequential indicator, according to Martinez. In an October 8 analysis, he highlighted a 5.55% decline from $86,976 on October 5 to $82,150, arguing that the technical signal suggested the pullback could be approaching exhaustion. The TD Sequential is designed to identify potential turning points in price trends, but its signals require confirmation from subsequent market behavior.
Ethereum experienced a comparable deterioration in market conditions, retreating from above $2,700 to approximately $2,400 before finding initial support. A subsequent recovery toward $2,500 on Friday encountered resistance, leaving ETH substantially lower over the weekly period. The inability to sustain that rebound illustrates the challenge facing buyers attempting to reverse the recent downward momentum.
Despite the correction, Ethereum whales increased their holdings by approximately 166,000 ETH, representing a 0.64% expansion, according to Martinez. The accumulation suggests that larger holders were willing to absorb additional exposure while prices weakened. However, the relatively modest percentage increase also makes it important to distinguish selective accumulation from evidence of a broader market reversal.
Ethereum's four-hour TD Sequential indicator also generated a buy signal after an approximately 8% decline and a move below $2,550. Martinez identified $2,620 to $2,650 as a potential recovery zone, making that range a relevant technical reference if buying momentum strengthens. A sustained recovery toward those levels would support the short-term rebound scenario, while continued weakness below $2,550 would leave the bullish interpretation less convincing.
XRP recorded an even steeper weekly decline, losing more than 10% despite recovering from a local low near $1.34. The rebound encountered rejection around $1.51, followed by renewed price weakness. That sequence indicates that buyers have not yet demonstrated sufficient strength to establish a sustained recovery.
Martinez reported that XRP whales purchased more than 45 million tokens, valued at approximately $63 million, during the selloff. The accumulation suggests that large holders increased exposure as XRP approached lower prices, potentially absorbing part of the available selling supply. Nevertheless, whale purchases alone cannot establish whether the broader market has completed its correction.
