Bitcoin whale wallets have resumed accumulation to 3.03M BTC (highest since November 2025), with CryptoQuant's Bull Score improving from 20 to 80.
Macro & Markets ·
Large Bitcoin holders have shifted from months of selling to renewed buying activity, bringing whale wallet holdings to 3.03 million BTC—their peak since November 21, 2025. CryptoQuant's Bull Score Index has climbed to 80, up from 20 in late July, reflecting what the firm characterizes as early-stage bull cycle signals. The monthly pace of whale accumulation has reached its fastest rate since February 11, 2026, with year-over-year balance changes returning near zero and crossing above the 365-day moving average.
Borrowing patterns reveal divergent strategies among market participants. Large holders with BTC-backed loans exceeding $10 million increased USDT borrowing by 83% in September, while their average loan size rose 33%. In contrast, retail borrowers holding loans under $100,000 trimmed total borrowing by 17%, though individual average loan sizes expanded. These shifts suggest some large holders may be obtaining liquidity through collateralized borrowing rather than liquidating positions, though intentions remain unclear from the data alone.
Spot Bitcoin ETF inflows of approximately 2,300 BTC worth around $1.5 billion in 2026 so far provide additional confirmation of renewed demand, following earlier net outflows of 83,000 BTC valued at roughly $5.1 billion. Whether this momentum sustains or how long the current accumulation phase continues remains uncertain.