Bitcoin Whales Drive V-Shaped Accumulation, Offset 230K BTC Sell-off

Bitcoin (CRYPTO: BTC) whale activity has begun signaling a shift back toward the stability seen before the late-2025 market wobble. In recent months, wallets holding between 1,000 and 10,000 BTC have rebuilt their collective balance, pushing the total amount held by this cohort to 3.09 million BTC from 2.86 million BTC on Dec. 10, 2025. That 230,000-BTC increase essentially restores position levels observed prior to the October 2025 market dip. Meanwhile, exchange data show whale-related outflows averaging about 3.5% of the total BTC held on exchanges over a 30-day window—the strongest such rate since late 2024—suggesting a continued shift of coins away from spot venues.

Across on-chain data, the broader pattern points to an ongoing reallocation among major holders. CryptoQuant analysis shows that the large wallet segment has reaccumulated aggressively after a period of net selling, with roughly 98,000 BTC added to whale reserves over the past 30 days. The market narrative since August 2025 has been defined by a distribution phase, triggered after BTC touched new highs around the $124,000 level, with many observers noting that a sustained rally remained challenging in the face of shifting risk sentiment. This backdrop helps explain why the current accumulation cycle by whales is notable, even as price action remains sensitive to macro cues and shifting liquidity conditions.

CryptoQuant spot market data underscores a resilience in large-order activity. Through 2026, the average BTC order size has oscillated between roughly 950 BTC and 1,100 BTC, marking the most sustained period of sizable retail and institutional orders since September 2024. This pattern aligns with the return of liquidity into the market and a reopening of appetite among buyers willing to place larger blocks, even as price levels teeter between regions of resistance and support. A broader look at the February–March 2025 correction showed a similar appetite for larger orders, though the cadence of big-ticket purchases varied with retail participation and the timing of institutional inflows.

Total BTC balance of large holders (1k-10k). Source: CryptoQuant

BTC whale reserves return to pre-October peak

Analysts at CryptoQuant point to a notable reversal in the drawdown of whale reserves, with the 30-day window marking a substantial uptick in accumulation. The net shift is most visible in the 98,000 BTC added to the whale category over the most recent month, reversing earlier declines and signaling renewed appetite among larger holders. This reaccumulation comes as part of a broader dynamic in which a growing portion of BTC activity originates from wallets with medium-to-large holdings, while smaller retail activity continues to surface in bursts. The sequential build-up in whale balances is consistent with a risk-off tilt in some segments of the market, even as other indicators suggest a more mixed mood among traders and institutions alike.

On the exchange side, inflows and outflows tell a nuanced story. CryptoQuant tracks roughly $8.24 billion in whale BTC flows moving to Binance over the past 30 days, a reading that marks a 14-month high and underscores how large players continue to reposition assets within major venues. At the same time, retail flows have climbed to about $11.91 billion in the same window, with the retail-to-whale ratio reported at 1.45—indicating that smaller participants remain active, albeit with the larger-ticket trades increasingly concentrated among the whale segment. This juxtaposition helps explain why net balances on exchanges have remained relatively stable despite higher gross inflows, as outbound transfers offset incoming liquidity.

Glassnode data reinforce the idea that the on-chain ecosystem is undergoing a rebalancing rather than a straightforward surge in exchange activity. The latest figures show gross exchange whale withdrawals averaging 3.5% of total exchange-held BTC supply over a 30-day period—an aggressive pace not seen since November 2024. If the withdrawal flow persists, it could imply a continued willingness among whales to migrate BTC off exchanges, potentially reducing the available supply for immediate selling pressure. Based on current exchange balances, this translates to a rough net withdrawal range of 60,000–100,000 BTC in the past month, offering a broader sense of the scale involved in the ongoing shift between custody models and trading venues.

Related: “Resilient” Bitcoin holders defend BTC, but bear floor sits 20% lower: Glassnode

In parallel, the market continues to parse larger macro and crypto-specific signals. The on-chain narrative remains complex: while whale accumulation signals confidence among major holders, the overall price tempo depends on a confluence of liquidity availability, risk appetite, and regulatory developments. The balance between inflows to exchanges and outflows from them appears to be moderating, with indicators suggesting that the market could continue to experience periods of consolidation as participants assess whether the current supply dynamics translate into sustained price support or whether macro headwinds reassert themselves. The dynamic is a reminder that liquidity conditions in crypto markets remain a key driver of price discovery, even as on-chain behavior points to a more resilient posture among large holders.

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