Whale holdings have reached their highest level since November 2025, while large borrowers are taking on more debt backed by Bitcoin.
Large Bitcoin (BTC) holders have resumed accumulation after months of selling, according to an analysis published by CryptoQuant. The shift comes as the cryptocurrency recovered from lows near $62,000 to highs around $87,000 and moved above its 365-day moving average.
Other market and on-chain indicators also point to improving conditions. CryptoQuant’s Bull Score Index, which combines ten market and on-chain indicators, climbed from 20 in late July to 90 on September 26. The index now stands at 80, which the firm says signals the early stages of a potential bull cycle.
Whale Accumulation and ETF Flows Signal Renewed Demand
Whale wallets, excluding exchanges and mining pools, now hold 3.03 million BTC, their highest combined balance since November 21, 2025. Their monthly accumulation rate has also reached its fastest pace since February 11, 2026.
Long-term data also show a shift in whale behavior after holdings began contracting in September 2025. The annual change in whale balances has returned close to zero and moved above its 365-day moving average, suggesting accumulation is strengthening.
Bitcoin ETF flows provide another indication of renewed demand. U.S. spot Bitcoin exchange-traded funds have recorded approximately 2,300 BTC in net inflows so far in 2026, worth around $1.5 billion. This follows earlier outflows that reached 83,000 BTC, valued at approximately $5.1 billion.
Bitcoin-Backed Borrowing Rises
Data from crypto lending platform CoinRabbit provides another indication of changing activity among large holders. In September, borrowers with BTC-backed loans exceeding $10 million increased their total USDT borrowing by 83%, following a 9% decline in July. Their average loan size also rose 33% after falling 8% in August.
Smaller borrowers showed a different pattern, with retail customers holding loans below $100,000 reducing their total borrowing by 17% in September. However, their average loan size increased, highlighting differences in borrowing behavior between large and small customers.
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Taken together, these figures suggest that some large holders may be borrowing against Bitcoin for liquidity rather than selling, although the data cannot confirm their intentions. These developments also align with CryptoQuant’s broader assessment of market conditions.
