Despite a prolonged market downturn, Bitcoin whales have significantly increased their holdings, acquiring 236,000 BTC since December 2025. This strategic accumulation by large-scale investors has been revealed through order size data, indicating a robust rebuilding of positions. The total balance held by these major players has now returned to levels previously seen before the market crash on October 10, 2025.
Data from cryptocurrency exchanges shows that whale-related outflows have surged, with an average of 3.5% of exchange-held Bitcoin being withdrawn over a 30-day period. This marks the highest rate of outflows since late 2024.
The resurgence in whale reserves is noteworthy, as Bitcoin wallets holding between 1,000 and 10,000 BTC have increased their holdings from 2.86 million BTC on December 10, 2025, to 3.09 million BTC. This 230,000 BTC addition effectively restores their balance to the heights observed before the October 2025 decline.
According to CryptoQuant, a prominent crypto analyst known as 'caueconomy' noted that the full depletion in whale reserves has been reversed in the last month with the accumulation of 98,000 BTC. The broader distribution phase began in August 2025, when Bitcoin peaked at $124,000, after which it struggled to maintain a substantial rally.
Throughout 2026, Bitcoin's spot market data has shown consistent large-order activities, with average order sizes ranging from 950 to 1,100 BTC. This reflects the most sustained period of significant transactions since September 2024. Similar patterns emerged during the February to March 2025 correction, where retail orders dominated, while large transactions appeared sporadically.
In recent developments, CryptoQuant analyst 'maartunn' highlighted that over the past 30 days, $8.24 billion worth of Bitcoin from whale accounts has flowed into Binance, reaching a 14-month high. Meanwhile, retail flows totaled $11.91 billion but have plateaued. The current retail-to-whale ratio is 1.45, and it continues to decline as larger deposits rise.
Glassnode data further reveals that whale withdrawals from exchanges are averaging 3.5% of the total exchange-held Bitcoin supply over a 30-day period, the strongest rate since November 2024. This equates to approximately 60,000 to 100,000 BTC being withdrawn in the past month. While gross inflows to exchanges have increased, the high withdrawal ratio indicates that much of the incoming Bitcoin is being counterbalanced by substantial outflows, keeping net exchange balances relatively unchanged.
These developments highlight the strategic maneuvers by Bitcoin whales as they navigate the current market landscape, contributing to a complex interplay of inflows and outflows that ultimately influence Bitcoin's overall market dynamics.