Bitcoin Whales Surge on Binance as Correction Hits $67,823

Bitcoin is facing intensified selling pressure as its price correction deepens, with on-chain data revealing a significant uptick in whale activity on Binance. As of February 17, 2026, BTC trades at $67,823, reflecting a notable decline amid a broader market de-risking phase. This movement coincides with a sharp increase in whale-dominated inflows to Binance, signaling potential sell-side pressure during this risk-off environment.

Price Action Details

Bitcoin's current price of $67,823 marks a 3.2% drop over the last 24 hours, a 7.8% decline over the past 7 days, and a 12.5% loss over the last 30 days, according to data from CoinGecko. Key support levels are eyed at $65,000, with resistance near $70,000 proving difficult to breach in the current climate. Trading volume on major exchanges has spiked 18% above the 7-day average, indicating heightened activity, while Bitcoin’s market cap has contracted to $1.34 trillion, down from $1.5 trillion at its recent peak.

Driving Factors

The primary driver of this correction is a surge in whale inflows to Binance, as highlighted by CryptoQuant contributor Darkfost (@Darkfost_Coc), who noted the whale inflow ratio rising from 0.4 to 0.62 between February 2 and February 15, 2026. This metric, which measures the share of BTC inflows from the 10 largest transactions against total inflows, suggests that large holders are moving significant amounts to the exchange, potentially to offload positions. Notably, a whale nicknamed '19D5' or the 'Hyperunit whale,' identified as Garrett Jin, moved nearly 10,000 BTC to Binance recently, per Darkfost’s analysis. This activity, combined with a liquidity shift to centralized venues, underscores a market dynamic of rising sell-side pressure, as reported in Crypto News.

Broader Market Context

Bitcoin’s downturn aligns with a broader contraction in crypto markets, with Ethereum (ETH) also down 4.1% over 24 hours to $2,450, underperforming BTC on a relative basis per CoinMarketCap. Sector-wide metrics show DeFi total value locked (TVL) slipping 5.3% to $82 billion over the past week, while NFT trading volumes on platforms like OpenSea have dipped 8% month-over-month, reflecting risk aversion across asset classes. The Fear & Greed Index currently sits at 38, indicating a 'Fear' sentiment among investors, down from 65 a month ago. Analysts like Darkfost argue that the ongoing derivatives unwind—evidenced by Binance’s open interest dropping 39.3% since October 2025—combined with whale activity, suggests a prolonged stabilization period before any bullish reversal, a trend further explored in DeFi News.

Why This Matters

This surge in whale activity on Binance isn’t just a localized event—it reflects a critical shift in market liquidity and investor behavior during corrections, impacting Bitcoin’s short-term price trajectory. With open interest across exchanges like Bybit and BitMEX down 33% and 24% respectively since the cycle peak of 381,000 BTC in October 2025, the market is shedding speculative froth, potentially setting the stage for forced liquidations if volatility persists. Competitive dynamics also play a role: Binance’s depth and liquidity make it the preferred venue for whales compared to smaller exchanges like Gate.io, which saw a steeper 37% open interest decline in early October. This concentration of large transactions on major platforms, alongside a risk-off sentiment, could exacerbate downward pressure on BTC unless countered by fresh buying interest or macro catalysts.

Market Implications

The current environment signals caution for Bitcoin investors, as whale inflows and derivatives contraction point to sustained de-risking rather than a quick recovery. With multiple large holders, beyond just Garrett Jin, moving significant BTC volumes to Binance, the exchange’s order books may face increased sell-side weight, potentially testing the $65,000 support level in the near term. This trend also highlights the interplay between spot and futures markets, where reduced open interest limits upside catalysts. For deeper insights into exchange dynamics and whale behavior, resources like DefiLlama provide valuable on-chain data to track these movements.