- Large Bitcoin holders, or “whales,” have rebuilt their reserves to levels last seen before the October 2025 market crash, adding roughly 230,000 BTC in three months.
- Exchange data reveals whale-related outflows from trading platforms are averaging 3.5% of exchange-held BTC, a rate not seen since late 2024, suggesting heavy withdrawal activity.
- Despite massive whale inflows to Binance hitting a 14-month high of $8.24 billion, strong concurrent withdrawals have kept net exchange balances relatively stable.
Large Bitcoin holders are signaling a major strategic shift in early 2026, having fully recovered the reserves they sold off following last year’s market peak. According to data, wallets holding 1,000 to 10,000 BTC have increased their total balance to 3.09 million, a level last held before the October 2025 crash. Analyst ‘Caueconomy’ said this 30-day accumulation of 98,000 BTC has completely reversed the prior distribution phase.
Spot market activity supports this trend, with the average BTC order size maintaining its largest consistent stretch since September 2024. This marks a stark contrast to the February–March 2025 correction, which was dominated by retail activity. Meanwhile, exchange flows are telling a complex story of high-volume movement.
Analyst Maartunn reported a 14-month high of $8.24 billion in whale BTC flowing into Binance over the past month. However, data from Glassnode shows gross exchange whale withdrawals are averaging 3.5% of total exchange-held supply. This elevated withdrawal ratio suggests incoming BTC is being quickly moved off exchanges, resulting in stable net balances.
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