Bitcoin (BTC) Price Drops 2.60%, Ether (ETH) Slides Further Despite Whale Accumulation

The global cryptocurrency market faced a minor pullback on Wednesday, with Bitcoin (BTC) leading the decline.

The global cryptocurrency market faced a minor pullback on Wednesday, with Bitcoin leading the decline. According to data from CoinMarketCap, BTC dropped 2.60% to hover around $83,350 (approx. ₹71.4 lakh) on international platforms, while it traded slightly higher at ₹86,150 (approx. $86,150) on Indian exchanges like CoinDCX and CoinSwitch.

Bitcoin Faces Downward Pressure Despite Whale Accumulation

Analysts noted that Bitcoin’s price has slipped below its 50- and 100-day moving averages, signaling a short-term bearish trend. However, bullish signs are emerging in the background. Addresses holding between 1,000 and 10,000 BTC increased from 1,944 to 2,014 since March 5, indicating growing accumulation by large holders, or “whales.”

The broader market decline is in sync with traditional markets, as U.S. indices also showed weakness — Dow Jones down 0.4%, S&P 500 off 0.2%, and Nasdaq slipping 0.1%.

Ethereum Slides Further, Technical Outlook Weak

Ether (ETH) registered a sharper drop, down over 4% globally to $1,573 (₹1.34 lakh), and more than 8% on Indian exchanges where it traded near ₹1.40 lakh. According to the ZebPay Trade Desk, ETH has been on a persistent downtrend for the past four months, plunging over 65% from its previous high of $4,107 (₹3.5 lakh). Key resistance is currently set around $1,750.

ETH’s recent bounce from its $1,411 low to $1,691 indicates potential volatility in the near term, with rising trading volumes signaling renewed investor interest at lower levels.

Altcoins Continue to Underperform

The Gadgets 360 crypto price tracker showed that a majority of altcoins are in the red:

Solana (SOL)

Dogecoin (DOGE)

Tether (USDT)

Ripple (XRP)

USD Coin (USDC)

Cardano (ADA)

Tron (TRX)

Chainlink (LINK)

Shiba Inu (SHIB)

Uniswap (UNI)

Even large-cap tokens like Avalanche, Polkadot, and Stellar saw price corrections in the past 24 hours.

In contrast, a few altcoins managed minor gains, including Monero (XMR), Polygon (MATIC), Zcash (ZEC), IOTA, and Ardor.

Market Cap Drops as Sentiment Resets

The global crypto market cap dipped by 2.63%, now valued at $2.63 trillion (approx. ₹2,25 lakh crore). Analysts describe the dip as a market reset, where stronger hands are accumulating as speculative traders exit.

“We view these dynamics as a reset… setting the stage for potential medium-term upside,” said Riya Sehgal, Research Analyst at Delta Exchange.

“In the face of uncertainty, conviction and long-term belief in the crypto market continues to guide investor behavior,” added Avinash Shekhar, Co-Founder & CEO of Pi42.

As the market consolidates, crypto watchers will closely monitor technical indicators, macroeconomic triggers, and institutional inflows for future price direction.