A wallet labeled "BTC OG insider whale" accumulated 806.47 BTC valued at $63.36 million over 11 hours on Feb. 3, receiving funds from B2C2 and Coinbase, on-chain analyst Ai (@ai_9684xtpa) reports. The address now holds 40,411 BTC worth $3.14 billion and 783,524.43 ETH valued at $1.07 billion, with BTC holdings exceeding ETH by more than three times. Combined on-chain assets have surpassed $4.95 billion.

Bitcoin exchange-traded funds recorded continuous net outflows since Jan. 19, with about 17,400 BTC sold via ETFs in the week of Jan. 19 and a further 9,540 BTC offloaded the following week after prices moved below the ETF cost basis, according to analyst @alicharts cited by BlockBeats on Feb. 3. The analyst argues the recent price rebound should be treated cautiously, suggesting that without fresh capital inflows the move could represent a corrective bounce rather than a full trend reversal. If selling pressure continues to build, @alicharts highlights the 200-week moving average, currently near $57,000, as the next key level to watch, noting it has historically acted as major macro support and could mark an area where long-term demand may recover. BlockBeats adds that, as of press time, U.S. crypto ETFs showed net inflows on the first trading day of this week, and the feared panic exit by ETF investors has not materialized.

ARK Invest CEO Cathie Wood said on podcast "The Rundown" that gold's current price-to-M2 ratio has reached an all-time high, exceeding levels seen during the 1970s high-inflation period and the 1930s Great Depression. She argued that gold has priced in a worst-case fear scenario and is in a phase of "irrational exuberance" that could be followed by a pullback, noting today's macro backdrop differs with expanding money supply and ample liquidity. Wood described Bitcoin as still in an early-stage phase and said aggressive investors could shift from gold into Bitcoin now, reiterating her $1.5 million Bitcoin price target by 2030.

Bitwise CEO Hunter Horsley said on Feb. 3 he has increased his Bitcoin position, calling the sub-$80,000 price range "hard to resist" on social media. He also disclosed adding to his BITQ holdings and said he remains bullish on crypto-related stocks overall.

Investors who bought Bitcoin through U.S. spot ETFs hold an average cost basis of about $84,100, leaving them with roughly 8%–9% unrealized losses as Bitcoin traded around $78,500 on Feb. 3, Glassnode data show. This marks the second time ETF participants have been underwater, after Bitcoin briefly fell below $89,600 in November 2024, then viewed as the average cost for these investors. Bitcoin has dropped more than 35% from its 2025 peak and at one point fell below $77,000 in thin weekend liquidity, with analysts attributing the decline to fading inflows, weaker liquidity and reduced macro appeal.

Bitcoin fell below $75,000 on Feb. 2 before rebounding above $78,000 on Feb. 3, while funding rates across major trading platforms turned negative, Coinglass data cited by BlockBeats show. Short positions are now paying funding fees to longs to maintain their positions, with Ethereum's negative funding rates notably deeper than Bitcoin's, reflecting stronger bearish sentiment toward ETH. Funding rates are a fee mechanism used in perpetual contracts to align contract prices with the underlying asset, where readings above 0.01% suggest bullish positioning and levels below 0.005% signal bearish sentiment.

Bitcoin rose above $79,000 on Feb. 3, gaining 1.52% over 24 hours, HTX data show. The price reflects quotes on the HTX platform, BlockBeats reports.

Bitcoin may weaken over the next several weeks to months and test the 200-week moving average near $58,000 and the Realized Price around $56,000, with a higher-probability path toward the supply-gap bottom near $70,000, Alex Thorn, head of research at Galaxy, said in a Feb. 3 post on X, BlockBeats reports. Thorn cited on-chain data showing a positioning vacuum across the $82,000–$70,000 range that raises the chance of a near-term demand test; from Jan. 28 to Jan. 31 BTC fell 15%, dropped another 10% on Saturday, about 46% of supply is at an unrealized loss, and January delivered the first streak of 4 monthly declines since 2018. He added that, except in 2017, a 40% drawdown from an ATH has historically extended to more than 50% within 3 months, and a 50% pullback from the current ATH would be about $63,000; whales and long-term holders have yet to show clear accumulation even as long-term holders' profit-taking is slowing, and BTC has not joined gold and silver in the "currency debasement hedge" trade. Thorn said the probability remains elevated for a move toward $70,000 with possible tests of $56,000 and $58,000 in the weeks to months ahead, levels that have often marked cycle bottoms and long-term entry zones.