Bitcoin's largest holders, often referred to as 'whales,' have significantly increased their holdings, marking a notable reaccumulation phase following a rapid sell-off earlier this year. This uptick coincides with renewed interest in spot Bitcoin ETFs, leading to speculation about whether $100,000 could soon become a robust support level.
Recent data reveals that whale addresses have added 46,000 BTC over the past week, turning the net change over a one-year period positive for the first time since the last quarter of 2025. In contrast, mid-sized holders, known as 'dolphins,' continue to reduce their exposure, with their holdings declining to 589,000 BTC, marking an ongoing decrease in market demand.
According to CryptoQuant's findings, the holdings of whales—addresses with 1,000 to 10,000 BTC—experienced a considerable decline of 220,000 BTC when compared to the previous year. This drop followed a peak accumulation of 400,000 BTC in December 2024, representing the steepest negative shift since early 2023. However, in a recent shift, these whale addresses have seen a 21% increase, with net holdings showing positive growth for the first time since November 2025. Although the rebound is relatively modest, its timing is significant as it follows the fastest distribution phase of the current cycle.
The 'dolphin' category, which includes entities like ETFs and corporate treasuries holding between 100 and 1,000 BTC, is witnessing a less favorable outlook. Their one-year net change reached a peak of 972,000 BTC on October 4, 2025, but has since dropped to 589,000 BTC. This marks a 38% decrease from the peak, highlighting a clear reduction in demand.
During this bull market, whale and dolphin accumulation patterns have been notably misaligned. In June 2024, the one-year net increase for whale holdings hit a high of 260,000 BTC, while dolphin balances were relatively low at 11,000 BTC. Subsequently, dolphin holdings surged to 970,000 BTC by October 2025, only to face a steep decline.
While dolphin activity has had a more immediate impact on Bitcoin's price due to the volume involved, historical trends suggest that whale accumulation often triggers significant upward movements. This recent increase in whale holdings might serve as an early indicator of structural changes rather than a short-term price trigger.