Whales Build ₱9.87 trillion ($170 billion) Altcoin Floor as Retail Investors Sell

The altcoin market outside the top ten cryptocurrencies now sits at ₱9.87 trillion ($170 billion) in total capitalization, down sharply from its mid-2025 peak. CryptoQuant analysis shows a clear divergence: retail investors are selling into the decline while whales quietly build positions.

Some analysts argue that the current cycle may be characterized by unusually strong preparatory accumulation compared with previous market phases. But the data primarily support a market undergoing redistribution rather than a confirmed bullish reversal. Retail selling pressure has increased as prices dropped from mid-2025 highs, while buying walls from large holders have appeared at lower price levels.

Ethereum established a recent bottom that triggered a sharp increase in trading volume. The price action suggests large holders stepped in at support levels while smaller investors continued exiting positions. This pattern resembles previous cycle bottoms where whales accumulated during retail capitulation phases.

Bitcoin whale holdings dropped by 411,093 BTC between May 30 and September 10 last year, concentrated in whale-to-exchange flows according to Glassnode. Crypto analyst MartyParty noted that Bitfinex whales aggressively cut Bitcoin long positions in a pattern resembling the "spring" phase under Wyckoff theory, which historically preceded major volatility followed by surges.

Previous instances of this Wyckoff spring pattern saw Bitcoin gain roughly 50% in about 43 days after an early 2025 stall at ₱4,296 ($74),000. Bitcoin whale long positions peaked at 73,000 BTC in late December 2025 before declining, marking a shift from whale-led to retail-distributed demand.

Whale exchange inflows stabilized when Bitcoin traded between ₱5,166,216 ($89,000) and $94,000 in late January 2026, likely due to OTC settlements or rebalancing rather than selling pressure.