Bitcoin whale holdings have climbed to 3.03 million BTC, marking their highest level since November 21, 2025, according to Cryptoquant data. The metric excludes exchange and mining pool addresses, tracking coins held by investors with at least 1,000 BTC rather than trading venue inventory.
The accumulation marks a significant shift from the selling pressure that characterized late 2025. Whale balance growth has reached its fastest monthly rate since February, with data showing large holders moving from distribution to accumulation after their holdings bottomed near 2.87 million BTC in December 2025.
Large Transaction From Wintermute
Blockchain analytics firm Lookonchain identified five newly created wallets receiving a combined 1,162 BTC, valued at approximately $96.77 million, from Wintermute over a 12-hour period. Splitting purchases across fresh wallets is a common custody practice for large holders, though the buyer's identity remains unknown.
Not all major holders are buying. Bitcoin.com News separately reported that a $377 million bitcoin whale had recently activated and another swapped BTC for ether, though cohort-wide data continues to point toward net buying across the whale segment.
Lending and ETF Flows Show Institutional Interest
USDT borrowing by users posting more than $10 million in BTC as collateral rose 83.30% in September, while borrowing by retail users under $100,000 fell 17.20% over the same period. This pattern suggests larger players are using leverage to add exposure while smaller borrowers pull back.
U.S. spot bitcoin exchange-traded funds have reversed course in 2026, with year-to-date net flows turning positive at approximately 2,300 BTC, or roughly $1.5 billion, after cumulative outflows of about 83,000 BTC earlier in the year.
Price Action and Market Outlook
Bitcoin was trading near $83,700 at press time. Cryptoquant identified support near the 365-day moving average at around $80,000 and believes bitcoin has entered an early bull market phase, though cautioned that a short-term pullback remains possible.
If whale balances continue rising toward their prior 3.23 million BTC peak, it would represent a full reversal of the selling pattern that defined late 2025. Market resilience would depend on whether large holders maintain buying pressure if bitcoin loses the $80,000 support level.
