Bitcoin whales reaccumulate 46,000 BTC after fastest sell-off since 2023
Bitcoin whale addresses (1,000–10,000 BTC) registered a 21% rebound this week, adding roughly 46,000 BTC and turning their one‑year net change positive for the first time since November 2025. The move follows the steepest sell‑off of the current cycle — a prior one‑year decline of about 220,000 BTC after a December 2024 peak. By contrast, dolphin addresses (100–1,000 BTC), which include ETFs and corporate treasuries, continued to reduce holdings to 589,000 BTC, down nearly 38% from their October 4, 2025 peak of 972,000 BTC. Dolphin flows have driven most price impact this cycle due to scale, while historical patterns suggest whale accumulation often precedes major rallies. The report frames the whale rebound as an early structural signal rather than an immediate price catalyst. Key stats: +46,000 BTC added by whales this week (21% increase in the metric), dolphin holdings at 589,000 BTC (down from 972,000 BTC peak). Traders should watch whether sustained whale accumulation combines with renewed ETF flows to support a re-test of $100,000.
Neutral
The development is structurally positive but not immediately bullish. Whale cohorts added ~46,000 BTC this week, reversing a steep one-year drawdown and signaling renewed accumulation by large holders — a pattern that historically precedes sustained rallies. However, the dominant price-moving cohort this cycle has been dolphins (100–1,000 BTC), including ETFs and treasuries, which continue to trim holdings (down to 589,000 BTC from a 972,000 BTC peak). That continued dolphin outflow dampens near-term upside. Net effect: a neutral-to-cautiously-bullish signal. Short-term implications: limited immediate price lift — traders may see consolidation or modest gains as whales accumulate but dolphin selling persists. Volatility could remain elevated around ETF flows, on‑chain metrics, and macro triggers. Long-term implications: if whale accumulation persists and ETF/dolphin demand resumes, the structural setup could become bullish and support higher price levels; if dolphin outflows continue, the rally potential may be constrained. Historical parallels: past cycles showed whale accumulation preceding extended rallies (e.g., pre-2021 and pre-2024 rallies), but those moves required broader demand from retail, ETFs, or mining supply reductions to follow. Recommended trader actions: monitor on‑chain whale and dolphin one‑year change metrics, ETF inflows/outflows, exchange balances, and price action around $98K–$100K for confirmation before taking directional positions.