Long-Term Bitcoin Holders Hit Record Accumulation Levels Amidst Heavy ETF Outflows

The Bitcoin market recently experienced a stark divergence in investor sentiment following a significant price correction. On February 6, 2026, the leading cryptocurrency's value dipped to the $60,000 mark, representing a decline of more than 45% from its record peak of $126,275 reached in October 2025. Despite this volatility, on-chain data revealed a historic surge in activity from long-term conviction addresses. On that same day, February 6, these addresses recorded a massive single-day inflow of 66,940 BTC. At a valuation of $70,000 per coin, this influx is estimated at approximately $4.7 billion, highlighting a sharp contrast between long-term accumulation and the ongoing net outflows seen in regulated investment vehicles.

Major institutional players have doubled down on their commitment to the digital asset despite the prevailing market pressure. Strategy, the firm previously known as MicroStrategy, continued its aggressive acquisition policy by purchasing an additional 1,142 BTC between February 2 and February 8, 2026. These coins were acquired at an average price of $78,815 each. This latest move brings the company's total treasury to a staggering 714,644 BTC, with an overall average purchase price of $76,056 per unit. Michael Saylor, the Executive Chairman of Strategy, reiterated the firm's unwavering strategy to acquire Bitcoin "every quarter forever," dismissing any concerns regarding forced liquidations due to the company's conservative leverage ratios.

In a similar show of institutional strength, Binance’s Secure Asset Fund for Users (SAFU) bolstered its reserves on February 9, 2026. The fund acquired 4,225 BTC, valued at roughly $300 million in stablecoin equivalents, as part of a strategic initiative to transition $1 billion of its holdings into Bitcoin. This purchase increased the SAFU fund's total holdings to 10,455 BTC. This rebalancing effort, which initially began in late January 2026, serves as a protective measure for the exchange's user base while signaling a long-term bullish outlook on the asset's underlying value.

While corporate treasuries and long-term holders were buying the dip, regulated investment products faced a different reality. According to data provided by CoinShares for the week concluding on February 10, 2026, Bitcoin ETFs saw a net capital outflow of $264 million. This was the only major digital asset category to post significant negative figures during that period. Consequently, the total Assets under Management (AuM) for digital assets slid to $129.8 billion, marking the lowest level since March 2025. However, the high turnover in the market was evident as Exchange-Traded Product (ETP) trading volumes hit a record $63.1 billion for the week, suggesting active price discovery rather than a simple passive exit from the market.

Looking ahead, analysts at Bernstein remain steadfastly optimistic, maintaining a price target of $150,000 for Bitcoin by the end of 2026. They characterized the current downturn as the "weakest bear market scenario" in the history of the asset, citing the unprecedented level of institutional alignment as a primary support factor. Furthermore, CoinShares analysts noted that a deceleration in outflow rates has historically preceded market pivot points, suggesting that the most intense selling pressure may have already passed. The current market landscape appears to be a transitional phase, balancing between distribution and accumulation, while the structural resilience of the investor base remains firm despite spot price fluctuations.