Bitcoin whales have raised their combined holdings to 3.03 million BTC, their highest level since November 2025, while an unidentified investor withdrew 1,162 BTC worth $96.77 million from Wintermute into five newly created wallets.
The figures, reported by Cryptoquant, cover holders with at least 1,000 BTC and exclude addresses linked to exchanges and mining pools. They are therefore intended to reflect the coins held by large investors rather than trading-platform or mining inventories.
Whale balances have been rising at their fastest monthly rate since February, according to recent holdings data, suggesting the group has moved from distributing bitcoin to accumulating it.
Cryptoquant analysts said whale holdings reached a low of about 2.87 million BTC in December 2025. That remains significantly below the approximately 3.23 million BTC held at the peak of the previous bull market.
The change follows a prolonged period of selling. In August, Bitcoin.com News reported that whales had added 43,000 BTC over 60 days, ending months of selling as bitcoin buying resumed after the price fell to about $60,000.
Blockchain analytics account Lookonchain identified the latest large transfer, which took place over a 12-hour period. The 1,162 BTC was sent from Wintermute to five new wallets.
The receiving addresses can be viewed on Arkham. Dividing a purchase between newly created wallets is a common custody arrangement for large holders, although the identity of the buyer is not known.
Not all major investors appear to be accumulating. Bitcoin.com News reported the previous day that a bitcoin whale holding $377 million had become active, while another investor exchanged BTC for ether. Overall, however, the figures for the wider whale group indicate net buying.
Borrowing activity has also pointed to stronger participation from larger investors. In September, borrowing in USDT by users who posted more than $10 million in BTC as collateral increased by 83.30%. Borrowing by retail users pledging less than $100,000 fell by 17.20% over the same period.
U.S. spot bitcoin exchange-traded funds (ETFs) have also recorded a change in direction this year. Their year-to-date net flows turned positive at about 2,300 BTC, worth roughly $1.5 billion, after cumulative outflows of about 83,000 BTC earlier in 2026.
The recovery has not been consistent. Bitcoin has been holding above its $81.5K ETF cost basis despite continuing outflows. It was trading near $83,700 at press time.
Cryptoquant described bitcoin as being in an early bull-market phase but warned that “a short-term pullback is still possible”. The firm identified support around the 365-day moving average, near $80,000.
Cryptoquant founder Ki Young Ju said the bitcoin bear cycle was over and predicted 12 to 24 months of bullish or sideways price action. Prediction-market participants are less confident, with Kalshi pricing bitcoin at about $83,503 by the end of 2026.
A wallet containing 4,582 BTC, worth $377.6 million, moved its entire balance on Monday, the same day a second whale sold…
