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BTC Big whales have ended their months of selling and are now rebalancing their Bitcoin holdings.
According to an analysis by CryptoQuant, large Bitcoin holders have resumed accumulating assets after months of selling. This change occurred after the cryptocurrency price recovered from around $62,000 to around $87,000, and surpassed its 365-day moving average.
Other market indicators and on-chain data also indicate an improvement in the market conditions. CryptoQuant’s “Bull Score Index” combines ten market and on-chain indicators. The index has risen from 20 points at the end of July to 90 points on September 26. Currently, the index remains at 80 points, and the company believes this marks the early stages of a potential bull market cycle.
Whale accumulation and ETF inflows suggest increased demand.
Whale wallets, excluding exchanges and mining pools, currently hold 3.03 million BTC, the highest level since November 21, 2025. Their monthly accumulation rate is also the fastest since February 11, 2026.
Long-term data shows that whale behavior has changed since their holdings began to decline in September 2025. The annual growth rate of whales’ balances has returned to near zero, and it is above its 365-day moving average, indicating that their accumulation momentum is strengthening.
The flow of funds into Bitcoin exchange-traded funds provides another indication of growing demand. As of 2026, U.S.-based Bitcoin ETFs have recorded a net inflow of approximately 2,300 BTC, worth about $1.5 billion. Previously, there was a net outflow of 83,000 BTC, worth approximately $5.1 billion.
The increase in Bitcoin-backed loans is another clue to changes in behavior among large holders. In September, borrowers with Bitcoin collateral worth over $10 million saw their total USDT loans increase by 83%, compared to a 9% decrease in July. The average loan size also decreased by 8% in August, but then recovered by 33%.
Smaller borrowers show different patterns. Retail customers with loans worth less than $100,000 saw a 17% decrease in total loans in September. However, their average loan size increased, highlighting the differences between large and small borrowers in terms of lending behavior.
Overall, these data suggest that some large holders may be using Bitcoin as collateral to obtain liquidity, rather than selling it directly. While the data cannot confirm their exact intentions, these developments are consistent with CryptoQuant’s overall assessment of the market situation.
