Bitcoin Whales Buy Again After Months of Selling
MissedBlock Desk · · 2 min read
Updated
Bitcoin Whales Resume Accumulation After Months of Selling
Large holders of Bitcoin (BTC) have begun accumulating the cryptocurrency again after a period of selling, according to an analysis by CryptoQuant. This shift in behavior coincides with Bitcoin’s recovery from lows near $62,000 to highs around $87,000, surpassing its 365-day moving average.
Other market and on-chain indicators also suggest an improvement in market conditions. CryptoQuant’s Bull Score Index, which aggregates ten market and on-chain metrics, has risen significantly from 20 in late July to 90 on September 26. The index currently stands at 80, a level the firm interprets as signaling the early stages of a potential bull cycle.
Analysis of whale wallets, excluding those associated with exchanges and mining pools, reveals that these entities now hold 3.03 million BTC. This represents their highest combined balance since November 21, 2025. Furthermore, their monthly accumulation rate has accelerated to its fastest pace since February 11, 2026.
Long-term data also indicates a notable change in whale behavior. After holdings began to contract in September 2025, the annual change in whale balances has now returned close to zero and moved above its 365-day moving average, suggesting a strengthening trend of accumulation.
Flows into Bitcoin Exchange-Traded Funds (ETFs) offer another sign of renewed demand. U.S. spot Bitcoin ETFs have recorded net inflows of approximately 2,300 BTC year-to-date in 2026, valued at around $1.5 billion. This follows earlier outflows totaling 83,000 BTC, worth approximately $5.1 billion.
Data from the crypto lending platform CoinRabbit further illustrates evolving activity among large holders. In September, borrowers with BTC-backed loans exceeding $10 million increased their total USDT borrowing by 83%, a reversal from a 9% decline in July. Their average loan size also saw a 33% increase, following an 8% decrease in August.
In contrast, smaller borrowers exhibited a different pattern. Retail customers with loans under $100,000 reduced their total borrowing by 17% in September. However, their average loan size increased, highlighting distinct borrowing behaviors between large and small-scale customers.
Collectively, these figures suggest that some large holders may be leveraging their Bitcoin holdings for liquidity through borrowing, rather than selling. While the data does not definitively confirm their intentions, these developments align with CryptoQuant’s broader assessment of improving market conditions.