Large Bitcoin holders have resumed accumulation after months of selling, according to an analysis by CryptoQuant. The shift comes as Bitcoin recovered from lows near $62,000 to highs around $87,000.
Whale Holdings at Highest Levels
Whale wallets, excluding exchanges and mining pools, now hold 3.03 million BTC, their highest combined balance since November 21, 2025. Their monthly accumulation rate has reached its fastest pace since February 11, 2026.
The annual change in whale balances has returned close to zero and moved above its 365-day moving average, suggesting accumulation is strengthening after holdings began contracting in September 2025.
ETF Inflows and Broader Market Signals
U.S. spot Bitcoin exchange-traded funds have recorded approximately 2,300 BTC in net inflows so far in 2026, worth around $1.5 billion. This follows earlier outflows that reached 83,000 BTC, valued at approximately $5.1 billion.
CryptoQuant's Bull Score Index, which combines ten market and on-chain indicators, climbed from 20 in late July to 90 on September 26 and now stands at 80, signaling the early stages of a potential bull cycle.
Bitcoin-Backed Borrowing Increases
Large borrowers are taking on more debt backed by Bitcoin. Data from crypto lending platform CoinRabbit shows that in September, borrowers with BTC-backed loans exceeding $10 million increased their total USDT borrowing by 83%, following a 9% decline in July. Their average loan size also rose 33% after falling 8% in August.
In contrast, retail customers holding loans below $100,000 reduced their total borrowing by 17% in September, though their average loan size increased.
These developments suggest that some large holders may be borrowing against Bitcoin for liquidity rather than selling, though the data cannot confirm their intentions.
