Data indicates that Bitcoin's largest holders, often referred to as whales, are reaccumulating coins after a period of significant distribution. This trend of whale balances turning higher follows the sharpest selloff observed since early 2023, while mid-sized holders continue to reduce their exposure.
Key observations from the data include:
- •Whale addresses have added approximately 46,000 BTC this week, marking the first time the one-year net change has turned positive since the fourth quarter of 2025.
- •Dolphin addresses, which encompass entities like ETFs and treasury departments, have further reduced their holdings to 589,000 BTC, extending a multi-month trend of slowing demand.
- •While dolphin flows have been a dominant factor in price impact throughout this cycle, historical patterns suggest that whale accumulation often precedes significant rallies.
Bitcoin Whale Balances Turn Positive After Record Drawdown
In the preceding week, a report from CryptoQuant highlighted that the one-year net change in total holdings for Bitcoin addresses categorized as "whales" (holding between 1,000 and 10,000 BTC) had declined by 220,000 BTC. This indicates that whale balances were lower by this amount compared to the same period in the previous year. This drawdown followed a cycle high in net accumulation of 400,000 BTC, which was recorded in December 2024, and represented the most substantial negative shift in the one-year change since early 2023.
The trend has shifted significantly this week. Whale addresses have recorded an increase of 46,000 BTC in their one-year net change for total holdings, representing a 21% rise. This increase has pushed the metric back into positive territory for the first time since November 2025. Although this rebound is currently modest, its timing is noteworthy, occurring immediately after the fastest distribution phase of the current cycle.
The outlook appears less constructive for the "dolphin" cohort, which includes addresses holding between 100 and 1,000 BTC. This group encompasses entities such as exchange-traded funds (ETFs) and corporate treasuries. The one-year change in total dolphin holdings had previously peaked with a net increase of 972,000 BTC on October 4, 2025, before falling to 634,000 BTC by the end of last week.
This week, dolphin balances have continued to decline, reaching 589,000 BTC. This marks an extension of the drawdown to nearly 38% from the peak and confirms a sustained slowdown in demand from this segment of holders.
Who Has the Most Impact on Bitcoin Price?
The accumulation cycles for whale and dolphin holders have remained structurally misaligned. Within the current bull run, the highest positive one-year change in total whale holdings reached its peak in June 2024 at approximately 260,000 BTC, at a time when dolphin balances were near 11,000 BTC.
Following this period, dolphin holdings, largely influenced by ETF inflows, experienced a sharp expansion, reaching 970,000 BTC by October 2025, before entering a steep contraction phase.
From a price-impact perspective, the flows from dolphin addresses have exerted a greater influence on the market this cycle due to their sheer volume and scale.
However, historical data consistently shows that whale accumulation has been instrumental in initiating key upside price movements. Therefore, the recent rebound in whale accumulation could potentially signal an early structural shift rather than an immediate price catalyst.